Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Up to $26.57

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $26.57, but opened at $27.91. Allegro MicroSystems shares last traded at $28.36, with a volume of 253,901 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. TD Cowen raised their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Needham & Company LLC lowered their target price on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. Evercore ISI started coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective for the company. Finally, Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a report on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average price target of $44.50.

Allegro MicroSystems Stock Performance

The stock has a market capitalization of $5.53 billion, a PE ratio of 24.88 and a beta of 1.82. The business has a 50 day moving average price of $28.60 and a 200 day moving average price of $28.41. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The firm had revenue of $254.98 million for the quarter, compared to the consensus estimate of $255.00 million. As a group, equities research analysts expect that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Allegro MicroSystems by 5.1% in the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after buying an additional 355,814 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Allegro MicroSystems by 21.9% in the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after buying an additional 727,535 shares during the period. Robbins Farley bought a new position in shares of Allegro MicroSystems in the third quarter worth about $2,144,000. Sei Investments Co. raised its stake in shares of Allegro MicroSystems by 42.5% in the third quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock worth $12,494,000 after buying an additional 116,603 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in shares of Allegro MicroSystems by 51.6% in the third quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company’s stock worth $3,941,000 after buying an additional 41,999 shares during the period. Institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.