Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned an average recommendation of “Buy” from the eight research firms that are covering the stock, MarketBeat reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 1-year target price among analysts that have issued a report on the stock in the last year is $33.88.
Separately, Mizuho boosted their target price on Allegro MicroSystems from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, May 6th.
Shares of NASDAQ:ALGM traded down $0.11 during mid-day trading on Friday, hitting $27.29. The company had a trading volume of 2,830 shares, compared to its average volume of 874,362. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.69 and a quick ratio of 2.94. Allegro MicroSystems has a one year low of $16.78 and a one year high of $34.66. The company has a fifty day moving average of $25.78. The firm has a market capitalization of $5.17 billion and a P/E ratio of 113.42.
In related news, SVP Thomas C. Jr. Teebagy sold 93,576 shares of the business’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $26.90, for a total transaction of $2,517,194.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Paul V. Walsh, Jr. sold 65,275 shares of the company’s stock in a transaction dated Tuesday, May 18th. The stock was sold at an average price of $23.98, for a total transaction of $1,565,294.50. Following the completion of the sale, the chief financial officer now directly owns 97,493 shares of the company’s stock, valued at $2,337,882.14. The disclosure for this sale can be found here. Insiders sold 224,033 shares of company stock worth $5,790,936 in the last 90 days.
A number of institutional investors have recently modified their holdings of ALGM. First Trust Advisors LP purchased a new position in Allegro MicroSystems in the fourth quarter worth $3,945,000. Treasurer of the State of North Carolina purchased a new position in shares of Allegro MicroSystems in the 4th quarter worth about $283,000. State of Wisconsin Investment Board bought a new position in Allegro MicroSystems during the fourth quarter valued at about $1,877,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Allegro MicroSystems during the fourth quarter worth about $952,000. Finally, BlackRock Inc. bought a new stake in Allegro MicroSystems in the fourth quarter worth about $57,170,000. Institutional investors and hedge funds own 41.13% of the company’s stock.
Allegro MicroSystems Company Profile
Allegro MicroSystems, Inc 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, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.
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