Allegro MicroSystems (NASDAQ:ALGM) Sets New 52-Week High at $34.86

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $34.86 and last traded at $34.44, with a volume of 20395 shares. The stock had previously closed at $33.98.

Several analysts recently commented on the company. Mizuho raised their price objective on Allegro MicroSystems from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, July 30th. Zacks Investment Research cut Allegro MicroSystems from a “buy” rating to a “hold” rating in a report on Monday. Finally, William Blair started coverage on Allegro MicroSystems in a report on Wednesday, June 30th. They set an “outperform” rating for the company. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $34.11.

The company has a market cap of $6.54 billion and a P/E ratio of 30.61. The company has a fifty day moving average price of $28.50 and a two-hundred day moving average price of $26.97. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.11 and a current ratio of 3.80.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Wednesday, July 28th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Allegro MicroSystems had a return on equity of 10.10% and a net margin of 6.74%. The business had revenue of $188.14 million during the quarter, compared to analysts’ expectations of $177.55 million. Research analysts anticipate that Allegro MicroSystems, Inc. will post 0.63 EPS for the current year.

In other Allegro MicroSystems news, Director Richard R. Lury sold 11,900 shares of the firm’s stock in a transaction that occurred on Monday, September 13th. The shares were sold at an average price of $32.60, for a total transaction of $387,940.00. Following the completion of the sale, the director now directly owns 25,300 shares in the company, valued at $824,780. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Doogue sold 83,390 shares of the firm’s stock in a transaction that occurred on Monday, September 13th. The stock was sold at an average price of $33.59, for a total transaction of $2,801,070.10. The disclosure for this sale can be found here. Insiders have sold 639,601 shares of company stock valued at $18,313,795 in the last quarter. 26.90% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC raised its position in shares of Allegro MicroSystems by 20.0% in the second quarter. Exchange Traded Concepts LLC now owns 3,087 shares of the company’s stock valued at $86,000 after buying an additional 514 shares in the last quarter. Squarepoint Ops LLC raised its position in shares of Allegro MicroSystems by 0.7% in the second quarter. Squarepoint Ops LLC now owns 105,711 shares of the company’s stock valued at $2,928,000 after buying an additional 711 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Allegro MicroSystems by 6.5% in the first quarter. Envestnet Asset Management Inc. now owns 27,682 shares of the company’s stock valued at $702,000 after buying an additional 1,700 shares in the last quarter. Qube Research & Technologies Ltd raised its position in shares of Allegro MicroSystems by 3.3% in the second quarter. Qube Research & Technologies Ltd now owns 71,524 shares of the company’s stock valued at $1,981,000 after buying an additional 2,302 shares in the last quarter. Finally, Citigroup Inc. raised its position in shares of Allegro MicroSystems by 76.0% in the first quarter. Citigroup Inc. now owns 6,718 shares of the company’s stock valued at $171,000 after buying an additional 2,902 shares in the last quarter. Institutional investors own 42.09% of the company’s stock.

About Allegro MicroSystems (NASDAQ:ALGM)

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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