Allegro MicroSystems, Inc. (NASDAQ:ALGM) Short Interest Up 5.3% in October

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 12,310,000 shares, an increase of 5.3% from the October 15th total of 11,690,000 shares. Currently, 10.1% of the shares of the company are short sold. Based on an average trading volume of 2,150,000 shares, the days-to-cover ratio is presently 5.7 days.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ALGM. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research report on Friday, October 18th. Loop Capital initiated coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target on the stock. Needham & Company LLC reduced their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. UBS Group began coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock. Finally, Morgan Stanley started coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Allegro MicroSystems has an average rating of “Moderate Buy” and a consensus price target of $30.80.

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its stake in shares of Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after purchasing an additional 8,534,089 shares during the last quarter. Vanguard Group Inc. boosted its position in Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after acquiring an additional 999,939 shares during the last quarter. State Street Corp grew its stake in Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after acquiring an additional 1,615,351 shares during the period. Clearbridge Investments LLC grew its stake in Allegro MicroSystems by 6.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock worth $100,595,000 after acquiring an additional 235,335 shares during the period. Finally, Wellington Management Group LLP acquired a new position in Allegro MicroSystems in the 3rd quarter valued at $71,289,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock opened at $19.07 on Friday. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The firm’s 50-day simple moving average is $21.66 and its 200 day simple moving average is $25.41. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26. The firm has a market capitalization of $3.51 billion, a PE ratio of -136.21 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The company had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. During the same quarter in the prior year, the firm earned $0.36 earnings per share. The company’s revenue for the quarter was down 32.0% compared to the same quarter last year.

About Allegro MicroSystems

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.