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 changing hands.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ALGM. Evercore ISI assumed coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price target for the company. Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research note on Friday, February 2nd. TD Cowen raised their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. Finally, Needham & Company LLC cut their target price on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $44.50.

Allegro MicroSystems Stock Performance

The firm has a 50-day simple moving average of $28.60 and a two-hundred day simple moving average of $28.41. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 24.88 and a beta of 1.82.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALGM. GAMMA Investing LLC acquired a new position in shares of Allegro MicroSystems in the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC boosted its position in Allegro MicroSystems by 46.2% during the third quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock worth $48,000 after purchasing an additional 474 shares in the last quarter. Pineridge Advisors LLC purchased a new stake in Allegro MicroSystems during the fourth quarter worth $49,000. Huntington National Bank boosted its position in Allegro MicroSystems by 85.0% during the third quarter. Huntington National Bank now owns 1,991 shares of the company’s stock worth $64,000 after purchasing an additional 915 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its position in shares of Allegro MicroSystems by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock valued at $64,000 after acquiring an additional 425 shares in the last quarter. 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.