Allegro MicroSystems, Inc. (NASDAQ:ALGM) Sees Large Increase in Short Interest

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 8,650,000 shares, an increase of 7.6% from the March 31st total of 8,040,000 shares. Approximately 11.0% of the shares of the company are sold short. Based on an average daily trading volume, of 1,750,000 shares, the days-to-cover ratio is presently 4.9 days.

Allegro MicroSystems Trading Up 0.5 %

Shares of ALGM stock opened at $30.25 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57. The stock has a fifty day simple moving average of $28.47 and a two-hundred day simple moving average of $28.38. The firm has a market capitalization of $5.84 billion, a PE ratio of 26.54 and a beta of 1.82. Allegro MicroSystems has a 52-week low of $24.66 and a 52-week high of $53.05.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The firm had revenue of $254.98 million during the quarter, compared to analysts’ expectations of $255.00 million. On average, analysts predict that Allegro MicroSystems will post 1.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently modified their holdings of ALGM. Principal Financial Group Inc. increased its holdings in Allegro MicroSystems by 2.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,179,587 shares of the company’s stock valued at $58,762,000 after acquiring an additional 44,641 shares during the last quarter. New York State Teachers Retirement System boosted its stake in Allegro MicroSystems by 13.7% during the first quarter. New York State Teachers Retirement System now owns 11,600 shares of the company’s stock valued at $313,000 after buying an additional 1,400 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in Allegro MicroSystems by 3.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 20,600 shares of the company’s stock valued at $555,000 after buying an additional 600 shares in the last quarter. Fifth Third Bancorp increased its stake in Allegro MicroSystems by 2,726.2% in the 1st quarter. Fifth Third Bancorp now owns 12,294 shares of the company’s stock worth $331,000 after acquiring an additional 11,859 shares during the last quarter. Finally, State of Michigan Retirement System raised its holdings in shares of Allegro MicroSystems by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock worth $472,000 after acquiring an additional 400 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a research report on Friday, February 2nd. TD Cowen lifted their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Evercore ISI began coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price target for the company. Finally, Needham & Company LLC lowered their price objective on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.50.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.