Short Interest in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Expands By 7.6%

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Friday, February 2nd. Evercore ISI started coverage on Allegro MicroSystems in a research report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 target price for the company. TD Cowen increased their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Finally, Needham & Company LLC reduced their price objective on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $44.50.

Institutional Trading of Allegro MicroSystems

Institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Allegro MicroSystems by 21.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 189,369 shares of the company’s stock valued at $5,105,000 after acquiring an additional 33,422 shares in the last quarter. Retirement Systems of Alabama lifted its position in shares of Allegro MicroSystems by 0.4% during the first quarter. Retirement Systems of Alabama now owns 130,731 shares of the company’s stock valued at $3,525,000 after purchasing an additional 537 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Allegro MicroSystems by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 2,179,587 shares of the company’s stock worth $58,762,000 after buying an additional 44,641 shares in the last quarter. New York State Teachers Retirement System boosted its position in Allegro MicroSystems by 13.7% in the first quarter. New York State Teachers Retirement System now owns 11,600 shares of the company’s stock worth $313,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in Allegro MicroSystems by 3.0% in the first quarter. Louisiana State Employees Retirement System now owns 20,600 shares of the company’s stock worth $555,000 after purchasing an additional 600 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Down 3.0 %

ALGM opened at $28.81 on Thursday. The firm has a market capitalization of $5.56 billion, a price-to-earnings ratio of 25.27 and a beta of 1.82. Allegro MicroSystems has a fifty-two week low of $24.66 and a fifty-two week high of $53.05. The company’s 50 day moving average price is $28.45 and its two-hundred day moving average price is $28.38. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly 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 net margin of 21.14% and a return on equity of 23.84%. The firm had revenue of $254.98 million during the quarter, compared to analyst estimates of $255.00 million. As a group, research analysts predict that Allegro MicroSystems will post 1.13 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.