Allegro MicroSystems, Inc. (NASDAQ:ALGM) Sees Significant Growth in Short Interest

Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Free Report) was the target of a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 9,770,000 shares, an increase of 7.1% from the May 15th total of 9,120,000 shares. Based on an average daily volume of 1,420,000 shares, the short-interest ratio is currently 6.9 days. Approximately 11.2% of the shares of the company are sold short.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $28.27 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.48 and a current ratio of 4.85. Allegro MicroSystems has a 52-week low of $23.64 and a 52-week high of $53.05. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of 36.24 and a beta of 1.70. The business’s fifty day moving average is $28.86 and its 200 day moving average is $28.83.

Allegro MicroSystems (NASDAQ:ALGMGet Free Report) last announced its earnings results on Thursday, May 9th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $240.58 million for the quarter, compared to analyst estimates of $235.00 million. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. Research analysts predict that Allegro MicroSystems will post 0.23 EPS for the current year.

Insiders Place Their Bets

In other Allegro MicroSystems news, Director Richard R. Lury sold 8,500 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $30.00, for a total value of $255,000.00. Following the transaction, the director now owns 23,001 shares of the company’s stock, valued at $690,030. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 9.70% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Institutional investors have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. bought a new position in Allegro MicroSystems in the 4th quarter worth about $28,756,000. Vanguard Group Inc. increased its stake in Allegro MicroSystems by 5.1% in the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after acquiring an additional 355,814 shares during the last quarter. South Dakota Investment Council bought a new position in Allegro MicroSystems in the 4th quarter worth about $1,059,000. JPMorgan Chase & Co. increased its stake in Allegro MicroSystems by 21.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after acquiring an additional 727,535 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Allegro MicroSystems by 42.5% during the 3rd quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock valued at $12,494,000 after purchasing an additional 116,603 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Needham & Company LLC dropped their price target on Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Mizuho dropped their price target on Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Jefferies Financial Group assumed coverage on Allegro MicroSystems in a research report on Monday, May 13th. They set a “buy” rating and a $37.00 price target on the stock. TD Cowen upped their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Finally, Barclays dropped their price target on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.44.

Read Our Latest Research Report on ALGM

About Allegro MicroSystems

(Get Free Report)

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.

Further Reading

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