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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a significant increase in short interest in the month of February. As of February 15th, there was short interest totalling 13,770,000 shares, an increase of 22.1% from the January 31st total of 11,280,000 shares. Currently, 11.3% of the shares of the company are short sold. Based on an average trading volume of 2,410,000 shares, the days-to-cover ratio is currently 5.7 days.

Institutional Trading of Allegro MicroSystems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. raised its stake in Allegro MicroSystems by 47.1% during the 4th quarter. Polar Asset Management Partners Inc. now owns 378,704 shares of the company’s stock valued at $8,278,000 after purchasing an additional 121,300 shares during the period. Mackenzie Financial Corp raised its stake in Allegro MicroSystems by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock valued at $398,000 after purchasing an additional 491 shares during the period. Toronto Dominion Bank raised its stake in Allegro MicroSystems by 20.5% during the 4th quarter. Toronto Dominion Bank now owns 19,085 shares of the company’s stock valued at $417,000 after purchasing an additional 3,253 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Allegro MicroSystems by 38.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 269,003 shares of the company’s stock valued at $5,880,000 after purchasing an additional 74,681 shares during the period. Finally, Woodline Partners LP raised its stake in Allegro MicroSystems by 18.4% during the 4th quarter. Woodline Partners LP now owns 1,833,705 shares of the company’s stock valued at $40,085,000 after purchasing an additional 285,573 shares during the period. Institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ALGM shares. Wells Fargo & Company increased their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price on the stock. Morgan Stanley increased their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Needham & Company LLC reissued a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Barclays increased their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.70.

Allegro MicroSystems Stock Down 2.1 %

Shares of ALGM opened at $27.71 on Friday. The business’s 50 day moving average is $24.23 and its 200 day moving average is $22.76. The company has a market capitalization of $5.10 billion, a PE ratio of -79.17 and a beta of 1.67. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

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.