Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned an average rating of “Buy” from the eight brokerages that are covering the stock, MarketBeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have covered the stock in the last year is $33.88.
Separately, Mizuho increased their price objective on Allegro MicroSystems from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, May 6th.
Shares of ALGM stock traded down $0.11 during trading hours on Friday, hitting $27.29. 2,830 shares of the company were exchanged, compared to its average volume of 874,362. Allegro MicroSystems has a 52 week low of $16.78 and a 52 week high of $34.66. The company has a quick ratio of 2.94, a current ratio of 3.69 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average of $25.78. The stock has a market cap of $5.17 billion and a P/E ratio of 113.42.
In other Allegro MicroSystems news, VP Christopher Brown sold 26,250 shares of the stock in a transaction on Thursday, May 27th. The shares were sold at an average price of $26.63, for a total value of $699,037.50. Following the completion of the sale, the vice president now owns 173,370 shares in the company, valued at $4,616,843.10. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Thomas C. Jr. Teebagy sold 93,576 shares of the business’s stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $26.90, for a total transaction of $2,517,194.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 224,033 shares of company stock valued at $5,790,936.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Schroder Investment Management Group lifted its position in shares of Allegro MicroSystems by 12.1% in the first quarter. Schroder Investment Management Group now owns 992,622 shares of the company’s stock valued at $25,163,000 after buying an additional 107,037 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Allegro MicroSystems by 30.8% during the 1st quarter. Principal Financial Group Inc. now owns 1,384,696 shares of the company’s stock valued at $35,102,000 after purchasing an additional 325,894 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Allegro MicroSystems by 708.2% during the 1st quarter. Point72 Asset Management L.P. now owns 614,252 shares of the company’s stock valued at $15,571,000 after purchasing an additional 538,252 shares during the last quarter. Amundi Asset Management US Inc. bought a new position in Allegro MicroSystems during the first quarter worth $299,000. Finally, Morgan Stanley increased its holdings in shares of Allegro MicroSystems by 87,514.9% in the first quarter. Morgan Stanley now owns 636,960 shares of the company’s stock valued at $16,147,000 after purchasing an additional 636,233 shares during the last quarter. 41.13% of the stock is currently owned by hedge funds and other institutional investors.
Allegro MicroSystems Company Profile
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; and power ICs comprising motor driver ICs, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.
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