Allegro MicroSystems (NASDAQ:ALGM) Trading Up 3.5% – Here’s What Happened

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) traded up 3.5% during trading on Wednesday . The company traded as high as $20.89 and last traded at $20.89. 251,410 shares were traded during mid-day trading, a decline of 87% from the average session volume of 1,916,370 shares. The stock had previously closed at $20.19.

Analyst Ratings Changes

Several research firms have recently weighed in on ALGM. Needham & Company LLC restated a “buy” rating and set a $33.00 price objective on shares of Allegro MicroSystems in a research note on Friday, August 2nd. UBS Group started coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Finally, Mizuho set a $26.00 price objective on Allegro MicroSystems in a research report on Friday, October 18th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $33.38.

Allegro MicroSystems Stock Up 2.0 %

The company has a market cap of $3.99 billion, a price-to-earnings ratio of 26.46 and a beta of 1.67. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98. The firm has a 50-day moving average price of $22.74 and a 200 day moving average price of $26.24.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The business had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. During the same period in the previous year, the company posted $0.34 EPS. The firm’s quarterly revenue was down 40.0% on a year-over-year basis. Sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.16 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the completion of the sale, the insider now directly owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc raised its position in shares of Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after buying an additional 1,096 shares in the last quarter. GAMMA Investing LLC raised its position in Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares in the last quarter. CWM LLC lifted its stake in Allegro MicroSystems by 27.7% during the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after purchasing an additional 921 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Allegro MicroSystems during the second quarter worth $211,000. Finally, PNC Financial Services Group Inc. increased its stake in shares of Allegro MicroSystems by 84.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,530 shares of the company’s stock valued at $228,000 after purchasing an additional 3,442 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.