Stocks of Allegro MicroSystems Inc. (NASDAQ:ALGM) traded higher last session on Wall Street, up 2.90% to $37.61.
According to the data, Allegro MicroSystems Inc. (NASDAQ:ALGM) has 6 analysts covering its stock. The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $54.00 and a low of $50.00, we find $51.00. Given the previous closing price of $36.55, this indicates a potential upside of 39.53 percent. ALGM stock price is now -10.35% away from the 50-day moving average and 13.33% away from the 200-day moving average. The market capitalization of the company currently stands at $7.19B.
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A total of 0 analysts have issued a hold rating and 5 have given it a buy rating. Brokers who have rated the stock have averaged $51.33 as their price target over the next twelve months.
In other news, Lury Richard R., Director sold 6,000 shares of the company’s stock on Feb 08. The stock was sold for $255,480 at an average price of $42.58. Upon completion of the transaction, the Director now directly owns 27,663 shares in the company, valued at $1.04 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 03, Director Lynch Susan D bought 240 shares of the business’s stock. A total of $9,967 was incurred on buying the stock at an average price of $41.53. This leaves the insider owning 12,523 shares of the company worth $0.47 million. Insiders disposed of 5,604,578 shares of company stock worth roughly $210.79 million over the past 1 year. A total of 0.70% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in ALGM stock. A new stake in Allegro MicroSystems Inc. shares was purchased by LORD, ABBETT & CO. LLC during the first quarter worth $32,375,000. VOLORIDGE INVESTMENT MANAGEMENT, LLC invested $20,008,000 in shares of ALGM during the first quarter. In the first quarter, LOOMIS SAYLES & CO L P acquired a new stake in Allegro MicroSystems Inc. valued at approximately $16,325,000. MASSACHUSETTS FINANCIAL SERVICES CO /MA/ acquired a new stake in ALGM for approximately $14,688,000. JUPITER ASSET MANAGEMENT LTD purchased a new stake in ALGM valued at around $11,086,000 in the second quarter. In total, there are 342 active investors with 48.50% ownership of the company’s stock.
During the past 12 months, Allegro MicroSystems Inc. has had a low of $19.20 and a high of $48.72. As of last week, the company has a debt-to-equity ratio of 0.03, a current ratio of 4.50, and a quick ratio of 3.60. The fifty day moving average price for ALGM is $41.82 and a two-hundred day moving average price translates $33.25 for the stock.
The latest earnings results from Allegro MicroSystems Inc. (NASDAQ: ALGM) was released for Mar, 2023. According to the Semiconductors Company, earnings per share came in at $0.37, beating analysts’ expectations of $0.36 by 0.01. This compares to $0.13 EPS in the same period last year. The net profit margin was 12.30% and return on equity was 14.90% for ALGM. The company reported revenue of $269.44 million for the quarter, compared to $200.29 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 34.53 percent. For the current quarter, analysts expect ALGM to generate $275.07M in revenue.
Allegro MicroSystems Inc.(ALGM) 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; power ICs comprising motor driver ICs, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications. The company sells its products to original equipment manufacturers and suppliers primarily in the automotive and industrial markets through its direct sales force, third party distributors, independent sales representatives, and consignment. It operates in the United States, rest of the Americas, Europe, Japan, Greater China, South Korea, and other Asian markets. The company was founded in 1990 and is headquartered in Manchester, New Hampshire. Allegro MicroSystems, Inc. is a subsidiary of Sanken Electric Co., Ltd.
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