Allegro MicroSystems (NASDAQ:ALGM) Trading 3.7% Higher

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price shot up 3.7% during mid-day trading on Tuesday . The company traded as high as $28.96 and last traded at $28.96. 223,810 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 1,608,614 shares. The stock had previously closed at $27.93.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. TD Cowen increased their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Needham & Company LLC decreased their price target on Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Evercore ISI started coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 target price on the stock. Jefferies Financial Group started coverage on Allegro MicroSystems in a report on Monday, May 13th. They issued a “buy” rating and a $37.00 price target for the company. Finally, Barclays reduced their price objective on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $37.44.

Allegro MicroSystems Stock Performance

The company has a current ratio of 4.85, a quick ratio of 3.48 and a debt-to-equity ratio of 0.22. The company’s 50-day moving average is $29.17 and its two-hundred day moving average is $28.85. The stock has a market capitalization of $5.93 billion, a P/E ratio of 39.26 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. The company had revenue of $240.58 million for the quarter, compared to analysts’ expectations of $235.00 million. As a group, sell-side analysts anticipate that Allegro MicroSystems, Inc. will post 0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard R. Lury sold 8,500 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $30.00, for a total value of $255,000.00. Following the completion of the transaction, the director now owns 23,001 shares of the company’s stock, valued at $690,030. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ALGM. Vanguard Group Inc. lifted its position in Allegro MicroSystems by 13.5% in the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after purchasing an additional 999,939 shares during the period. 1832 Asset Management L.P. acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at $28,756,000. JPMorgan Chase & Co. boosted its stake in Allegro MicroSystems by 21.9% during the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock valued at $129,435,000 after buying an additional 727,535 shares in the last quarter. Bamco Inc. NY boosted its stake in Allegro MicroSystems by 477.6% during the first quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock valued at $18,031,000 after buying an additional 553,016 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Allegro MicroSystems in the 4th quarter worth approximately $15,791,000. 56.45% of the stock is currently owned by institutional investors.

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.