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

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price gapped up prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

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

Allegro MicroSystems Stock Up 1.3 %

The firm has a market cap of $5.63 billion, a P/E ratio of 25.55 and a beta of 1.82. The stock’s 50 day simple moving average is $28.51 and its 200 day simple moving average is $28.42. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57.

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

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC boosted its holdings in Allegro MicroSystems by 588.2% during the 3rd quarter. SG Americas Securities LLC now owns 63,813 shares of the company’s stock worth $2,038,000 after acquiring an additional 54,540 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in Allegro MicroSystems by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 110,565 shares of the company’s stock worth $3,531,000 after acquiring an additional 435 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Allegro MicroSystems by 20.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 18,640 shares of the company’s stock worth $595,000 after acquiring an additional 3,225 shares during the last quarter. Xponance Inc. boosted its holdings in Allegro MicroSystems by 11.3% during the 3rd quarter. Xponance Inc. now owns 16,383 shares of the company’s stock worth $523,000 after acquiring an additional 1,664 shares during the last quarter. Finally, Robbins Farley purchased a new position in Allegro MicroSystems during the 3rd quarter worth $2,144,000. Institutional investors 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.