Allegro MicroSystems (NASDAQ:ALGM) Trading Up 3.5% – Here’s What Happened

Allegro MicroSystems, Inc. (NASDAQ:ALGM) traded up 3.5% on Wednesday . The stock traded as high as $20.89 and last traded at $20.89. 251,410 shares traded hands during trading, a decline of 87% from the average session volume of 1,916,370 shares. The stock had previously closed at $20.19.

Wall Street Analyst Weigh In

ALGM has been the topic of a number of research reports. UBS Group started coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price for the company. Mizuho set a $26.00 price objective on Allegro MicroSystems in a research note on Friday, October 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $33.00 price objective on shares of Allegro MicroSystems in a report on Friday, August 2nd. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $33.38.

Allegro MicroSystems Stock Performance

The stock has a 50 day moving average of $22.74 and a 200 day moving average of $26.24. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of 26.46 and a beta of 1.67. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The company had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The company’s quarterly revenue was down 40.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.34 EPS. As a group, analysts predict that Allegro MicroSystems, Inc. will post 0.16 EPS for the current year.

Insider Transactions at Allegro MicroSystems

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the sale, the insider now owns 59,732,782 shares in the company, valued at $1,383,411,231.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc grew its holdings in Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares during the period. GAMMA Investing LLC boosted its position in shares of Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares in the last quarter. CWM LLC grew its stake in shares of Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after buying an additional 921 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in Allegro MicroSystems in the 2nd quarter valued at about $211,000. Finally, PNC Financial Services Group Inc. raised its stake in Allegro MicroSystems by 84.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,530 shares of the company’s stock worth $228,000 after buying an additional 3,442 shares during the period. Institutional investors and hedge funds 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.