Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) SVP Michael Doogue purchased 15,000 shares of the business's stock in a transaction on Monday, November 18th. The shares were acquired at an average cost of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Allegro MicroSystems Stock Performance
Allegro MicroSystems stock opened at $19.49 on Wednesday. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. 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 business's 50-day moving average price is $21.55 and its two-hundred day moving average price is $25.24. The stock has a market cap of $3.59 billion, a PE ratio of -139.21 and a beta of 1.69.
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Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The firm had revenue of $187.39 million for the quarter, compared to analysts' expectations of $187.52 million. During the same quarter in the previous year, the business posted $0.36 earnings per share. The business's revenue for the quarter was down 32.0% on a year-over-year basis.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on ALGM shares. Morgan Stanley started coverage on Allegro MicroSystems in a report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 target price for the company. Barclays dropped their target price on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a report on Friday, November 1st. Mizuho set a $26.00 target price on Allegro MicroSystems in a report on Friday, October 18th. UBS Group started coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a "buy" rating and a $33.00 target price for the company. Finally, Needham & Company LLC dropped 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. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $30.80.
Get Our Latest Research Report on Allegro MicroSystems
Institutional Trading of Allegro MicroSystems
Several hedge funds and other institutional investors have recently made changes to their positions in ALGM. FMR LLC grew its holdings in shares of Allegro MicroSystems by 43.3% during the third 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. Wellington Management Group LLP bought a new stake in shares of Allegro MicroSystems during the third quarter worth about $71,289,000. State Street Corp grew its holdings in shares of Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company's stock worth $127,831,000 after purchasing an additional 1,615,351 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Allegro MicroSystems by 86.5% during 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 last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of 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 acquiring an additional 999,939 shares during the period. 56.45% of the stock is currently owned by institutional investors.
About Allegro MicroSystems
(
Get Free Report)
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.
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