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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of a significant growth in short interest in the month of 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. Approximately 8.2% of the company’s stock are short sold. Based on an average daily trading volume, of 2,550,000 shares, the short-interest ratio is presently 4.0 days.

Insiders Place Their Bets

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the completion of the transaction, the insider now owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Allegro MicroSystems

Large investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc grew its position in Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares during the period. Pineridge Advisors LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter worth $49,000. GAMMA Investing LLC boosted its stake in shares of Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after acquiring an additional 603 shares during the last quarter. TFO Wealth Partners LLC boosted its stake in shares of Allegro MicroSystems by 26,361.5% during the 4th quarter. TFO Wealth Partners LLC now owns 3,440 shares of the company’s stock worth $104,000 after acquiring an additional 3,427 shares during the last quarter. Finally, CWM LLC boosted its stake in shares of Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after acquiring an additional 921 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. UBS Group assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $33.00 price target on shares of Allegro MicroSystems in a research report on Friday, August 2nd. Finally, TD Cowen raised their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $34.44.

Allegro MicroSystems Trading Up 1.4 %

NASDAQ:ALGM opened at $24.31 on Monday. The company has a current ratio of 4.65, a quick ratio of 2.98 and a debt-to-equity ratio of 0.18. Allegro MicroSystems has a 12 month low of $20.42 and a 12 month high of $33.26. The company has a market cap of $4.71 billion, a PE ratio of 31.17 and a beta of 1.68. The company has a 50 day simple moving average of $23.55 and a two-hundred day simple moving average of $26.90.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The business had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. During the same quarter in the previous year, the firm posted $0.34 EPS. The firm’s revenue was down 40.0% on a year-over-year basis. Research analysts forecast 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.