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

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the target of a large increase in short interest in 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. Approximately 11.3% of the company's stock are sold short. Based on an average daily volume of 2,410,000 shares, the short-interest ratio is presently 5.7 days.

Analysts Set New Price Targets

Several brokerages recently issued reports on ALGM. Wells Fargo & Company raised their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Morgan Stanley raised their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. Needham & Company LLC restated a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Barclays raised their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Finally, Loop Capital initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 target price on the stock. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $30.70.

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Allegro MicroSystems Stock Performance

Allegro MicroSystems stock traded down $0.60 during midday trading on Friday, hitting $27.71. The stock had a trading volume of 7,677,112 shares, compared to its average volume of 3,237,389. Allegro MicroSystems has a 52-week low of $18.59 and a 52-week high of $33.26. The company has a market capitalization of $5.10 billion, a PE ratio of -79.17 and a beta of 1.67. The firm's fifty day moving average is $24.34 and its two-hundred day moving average is $22.76. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds have recently modified their holdings of the company. Westfield Capital Management Co. LP boosted its position in shares of Allegro MicroSystems by 54.6% in the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company's stock worth $46,937,000 after purchasing an additional 711,185 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after purchasing an additional 1,884,578 shares during the period. Geode Capital Management LLC boosted its position in shares of Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock worth $59,699,000 after purchasing an additional 1,187,792 shares during the period. Venturi Wealth Management LLC bought a new position in shares of Allegro MicroSystems in the fourth quarter worth approximately $47,000. Finally, Wellington Management Group LLP bought a new position in shares of Allegro MicroSystems in the third quarter worth approximately $71,289,000. 56.45% of the stock is currently owned by institutional investors.

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.