Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Up – What’s Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $22.33, but opened at $22.78. Allegro MicroSystems shares last traded at $22.34, with a volume of 516,484 shares traded.

Analyst Ratings Changes

A number of brokerages have issued reports on ALGM. Needham & Company LLC decreased their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price on the stock. Loop Capital began 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. Finally, Wells Fargo & Company began coverage on shares of Allegro MicroSystems in a research report on Friday, November 22nd. They set an “overweight” rating and a $23.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.09.

Allegro MicroSystems Stock Performance

The firm has a market cap of $3.95 billion, a P/E ratio of -153.42 and a beta of 1.69. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. The company’s 50 day moving average is $21.42 and its 200 day moving average is $24.95.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. The business had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The firm’s revenue was down 32.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 EPS.

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the transaction, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. The trade was a 6.49 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Several large investors have recently modified their holdings of ALGM. FMR LLC increased its position in shares of Allegro MicroSystems by 43.3% during the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after buying an additional 8,534,089 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Allegro MicroSystems during the third quarter worth $71,289,000. State Street Corp increased its position in shares of Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after buying an additional 1,615,351 shares during the period. Geode Capital Management LLC increased its position in shares of Allegro MicroSystems by 86.5% during the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after buying an additional 1,187,792 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after buying an additional 999,939 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.