Allegro MicroSystems, Inc. (NASDAQ:ALGM) Short Interest Up 27.2% in September

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 13,080,000 shares, a growth of 27.2% from the September 15th total of 10,280,000 shares. Currently, 10.7% of the company’s shares are sold short. Based on an average trading volume of 2,660,000 shares, the days-to-cover ratio is presently 4.9 days.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. UBS Group assumed coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a report on Friday, August 2nd. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $34.50.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $21.25 on Monday. The stock has a market cap of $4.12 billion, a PE ratio of 27.24 and a beta of 1.67. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. Allegro MicroSystems has a 12-month low of $19.82 and a 12-month high of $33.26. The business’s 50-day moving average price is $22.89 and its two-hundred day moving average price is $26.48.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The business had revenue of $166.90 million during the quarter, compared to analysts’ expectations of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm’s quarterly revenue was down 40.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.34 EPS. As a group, analysts expect that Allegro MicroSystems will post 0.16 earnings per share for the current fiscal year.

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 dated 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 completion of the sale, the insider now directly owns 69,750,097 shares of the company’s stock, valued at approximately $1,615,412,246.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Allegro MicroSystems

A number of hedge funds have recently added to or reduced their stakes in the business. Clearbridge Investments LLC increased its position in Allegro MicroSystems by 6.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after buying an additional 235,335 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its holdings in shares of Allegro MicroSystems by 363.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after purchasing an additional 495,935 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Allegro MicroSystems by 238.9% during the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after buying an additional 39,289 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Allegro MicroSystems by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 7,400,125 shares of the company’s stock worth $224,002,000 after acquiring an additional 38,187 shares in the last quarter. Finally, Qsemble Capital Management LP bought a new stake in Allegro MicroSystems in the 1st quarter worth about $583,000. 56.45% of the stock is currently owned by institutional investors.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.