Allegro MicroSystems (NASDAQ:ALGM) Shares Up 4.8% – Here’s Why

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s share price traded up 4.8% on Tuesday . The stock traded as high as $24.34 and last traded at $24.49. 557,084 shares were traded during trading, a decline of 78% from the average session volume of 2,483,043 shares. The stock had previously closed at $23.37.

Wall Street Analysts Forecast Growth

ALGM has been the subject of several recent analyst reports. Wells Fargo & Company increased their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Barclays boosted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research report on Friday, October 18th. Morgan Stanley lifted their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Finally, Loop Capital started coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. One research 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 currently has an average rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Stock Up 3.9 %

The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of -69.38 and a beta of 1.66. The firm’s 50 day simple moving average is $22.93 and its 200-day simple moving average is $22.48. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was purchased at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares of the company’s stock, valued at $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

A number of hedge funds have recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC bought a new position in Allegro MicroSystems during the 4th quarter worth approximately $47,000. KBC Group NV raised its stake in Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after buying an additional 1,042 shares during the period. Van ECK Associates Corp acquired a new stake in Allegro MicroSystems in the 3rd quarter valued at $172,000. Intech Investment Management LLC bought a new stake in shares of Allegro MicroSystems during the third quarter worth about $214,000. Finally, nVerses Capital LLC bought a new position in shares of Allegro MicroSystems in the third quarter valued at approximately $231,000. Institutional investors and hedge funds 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.