Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) saw a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 6,620,000 shares, a decline of 6.6% from the February 13th total of 7,090,000 shares. Approximately 9.5% of the shares of the company are short sold. Based on an average daily trading volume, of 1,580,000 shares, the short-interest ratio is currently 4.2 days.
Analysts Set New Price Targets
Several analysts recently commented on the company. Wells Fargo & Company boosted their price target on Allegro MicroSystems from $43.00 to $52.00 in a research note on Thursday, March 9th. Mizuho boosted their price objective on Allegro MicroSystems from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, February 1st. Cowen boosted their price objective on Allegro MicroSystems to $44.00 in a research note on Thursday, February 2nd. Barclays boosted their price objective on Allegro MicroSystems from $44.00 to $50.00 in a research note on Tuesday. Finally, Cowen boosted their price objective on Allegro MicroSystems from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 1st. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $45.67.
Insiders Place Their Bets
In other Allegro MicroSystems news, SVP Joanne Valente sold 1,123 shares of Allegro MicroSystems stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $30.07, for a total value of $33,768.61. Following the transaction, the senior vice president now directly owns 97,153 shares of the company’s stock, valued at approximately $2,921,390.71. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP Max R. Glover sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 11th. The stock was sold at an average price of $32.06, for a total transaction of $480,900.00. Following the sale, the senior vice president now directly owns 259,689 shares in the company, valued at $8,325,629.34. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Joanne Valente sold 1,123 shares of the business’s stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $30.07, for a total value of $33,768.61. Following the sale, the senior vice president now owns 97,153 shares in the company, valued at $2,921,390.71. The disclosure for this sale can be found here. Insiders have sold a total of 5,068,500 shares of company stock valued at $191,316,709 in the last three months. Company insiders own 13.60% of the company’s stock.
Institutional Investors Weigh In On Allegro MicroSystems
Allegro MicroSystems Trading Up 4.3 %
Shares of ALGM opened at $45.16 on Wednesday. The company has a quick ratio of 3.65, a current ratio of 4.52 and a debt-to-equity ratio of 0.03. Allegro MicroSystems has a 12-month low of $19.20 and a 12-month high of $47.67. The firm has a market capitalization of $8.65 billion, a PE ratio of 58.65 and a beta of 1.71. The stock’s fifty day simple moving average is $39.41 and its 200-day simple moving average is $30.80.
Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.03. Allegro MicroSystems had a return on equity of 19.55% and a net margin of 16.69%. The business had revenue of $248.79 million for the quarter, compared to analyst estimates of $245.20 million. As a group, research analysts predict that Allegro MicroSystems will post 0.99 earnings per share for the current year.
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; 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.
- Get a free copy of the StockNews.com research report on Allegro MicroSystems (ALGM)
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