Allegro MicroSystems, Inc. (NASDAQ:ALGM) Short Interest Update

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of a significant growth in short interest in September. As of September 15th, there was short interest totalling 10,280,000 shares, a growth of 11.7% from the August 31st total of 9,200,000 shares. Based on an average daily trading volume, of 2,550,000 shares, the days-to-cover ratio is presently 4.0 days. Approximately 8.2% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

ALGM has been the subject of several recent analyst reports. TD Cowen raised their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Needham & Company LLC reiterated a “buy” rating and issued a $33.00 target price on shares of Allegro MicroSystems in a report on Friday, August 2nd. Finally, UBS Group began coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Buy” and an average target price of $34.44.

Insider Activity

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $23.16, for a total transaction of $665,850,000.00. Following the transaction, the insider now owns 69,750,097 shares of the company’s stock, valued at $1,615,412,246.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Institutional investors have recently made changes to their positions in the stock. Ecofi Investissements SA bought a new position in Allegro MicroSystems in the second quarter worth $2,349,000. Creative Planning increased its stake in Allegro MicroSystems by 25.6% in the 2nd quarter. Creative Planning now owns 17,349 shares of the company’s stock worth $490,000 after acquiring an additional 3,540 shares during the last quarter. Algert Global LLC increased its stake in Allegro MicroSystems by 26.8% in the 2nd quarter. Algert Global LLC now owns 25,744 shares of the company’s stock worth $727,000 after acquiring an additional 5,444 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Allegro MicroSystems by 15.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock worth $60,673,000 after purchasing an additional 285,747 shares during the period. Finally, Dark Forest Capital Management LP purchased a new position in Allegro MicroSystems during the 2nd quarter valued at $363,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM opened at $23.30 on Tuesday. The firm has a market cap of $4.52 billion, a PE ratio of 29.87 and a beta of 1.68. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average price is $23.44 and its two-hundred day moving average price is $26.86. Allegro MicroSystems has a 12-month low of $20.42 and a 12-month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. The business had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. Allegro MicroSystems’s revenue was down 40.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.34 EPS. Equities research analysts predict that Allegro MicroSystems will post 0.16 earnings per share for the current year.

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.