Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 2,180,000 shares, a growth of 5.8% from the August 15th total of 2,060,000 shares. Approximately 3.4% of the company's shares are short sold. Based on an average trading volume of 464,100 shares, the days-to-cover ratio is presently 4.7 days.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on ALGM shares. Cowen started coverage on Allegro MicroSystems in a report on Wednesday, May 25th. They issued an "outperform" rating and a $30.00 price target for the company. Cowen started coverage on Allegro MicroSystems in a report on Wednesday, May 25th. They issued an "outperform" rating for the company. Needham & Company LLC increased their price target on Allegro MicroSystems from $25.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, July 29th. Wells Fargo & Company lowered their price target on Allegro MicroSystems from $35.00 to $30.00 and set an "overweight" rating for the company in a report on Monday, July 11th. Finally, Barclays decreased their price objective on Allegro MicroSystems from $31.00 to $26.00 and set an "overweight" rating for the company in a report on Monday, July 25th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $32.50.
Get Allegro MicroSystems alerts:Allegro MicroSystems Price Performance
NASDAQ:ALGM opened at $22.32 on Tuesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.94 and a current ratio of 4.73. The stock's 50-day simple moving average is $23.77 and its 200 day simple moving average is $24.20. The company has a market cap of $4.27 billion, a P/E ratio of 42.92 and a beta of 1.77. Allegro MicroSystems has a 52-week low of $19.20 and a 52-week high of $38.28.
Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.10). Allegro MicroSystems had a return on equity of 15.32% and a net margin of 13.44%. The company had revenue of $217.80 million for the quarter, compared to the consensus estimate of $207.63 million. During the same quarter in the prior year, the company earned $0.16 EPS. The company's revenue for the quarter was up 17.7% on a year-over-year basis. As a group, sell-side analysts forecast that Allegro MicroSystems will post 0.8 EPS for the current fiscal year.Institutional Investors Weigh In On Allegro MicroSystems
A number of institutional investors and hedge funds have recently made changes to their positions in ALGM. Wellington Management Group LLP bought a new stake in shares of Allegro MicroSystems during the 1st quarter worth approximately $39,429,000. State Street Corp raised its stake in Allegro MicroSystems by 36.5% in the 4th quarter. State Street Corp now owns 2,379,827 shares of the company's stock valued at $86,102,000 after acquiring an additional 636,901 shares during the period. Clearbridge Investments LLC raised its stake in Allegro MicroSystems by 18.6% in the 1st quarter. Clearbridge Investments LLC now owns 4,029,946 shares of the company's stock valued at $114,450,000 after acquiring an additional 632,036 shares during the period. Millennium Management LLC raised its stake in Allegro MicroSystems by 4,113.2% in the 2nd quarter. Millennium Management LLC now owns 578,307 shares of the company's stock valued at $11,965,000 after acquiring an additional 564,581 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its stake in Allegro MicroSystems by 71.2% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,255,354 shares of the company's stock valued at $45,419,000 after acquiring an additional 521,881 shares during the period. Institutional investors own 46.10% of the company's stock.
Allegro MicroSystems Company Profile
(Get Rating)
Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.
See Also
- Get a free copy of the StockNews.com research report on Allegro MicroSystems (ALGM)
- Oracle's Short-Term Pain Could Be Your Long-Term Gain
- Lucid is Looking Like a Clear EV Winner
- Still Lovin' It: Investors Keep Visiting McDonald's
- Did FedEx Just Deliver A Buying Opportunity?
- Autozone Shifts Back Into Rally-Mode, New Highs Are In Sight
Receive News & Ratings for Allegro MicroSystems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegro MicroSystems and related companies with MarketBeat.com's FREE daily email newsletter.