Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Up to $26.57

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price gapped up before the market opened 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 Analysts Forecast Growth

Several brokerages have recently weighed in on ALGM. Needham & Company LLC reduced their price target on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Friday, February 2nd. TD Cowen lifted their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Finally, Evercore ISI assumed coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average target price of $44.50.

Allegro MicroSystems Price Performance

The firm has a fifty day moving average of $28.51 and a 200 day moving average of $28.42. The company has a market capitalization of $5.63 billion, a P/E ratio of 25.55 and a beta of 1.82. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. The business had revenue of $254.98 million for 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, equities research analysts anticipate that Allegro MicroSystems, Inc. will post 1.13 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. New York State Teachers Retirement System boosted its position in Allegro MicroSystems by 13.7% in the first quarter. New York State Teachers Retirement System now owns 11,600 shares of the company’s stock worth $313,000 after purchasing an additional 1,400 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Allegro MicroSystems by 3.0% in the first quarter. Louisiana State Employees Retirement System now owns 20,600 shares of the company’s stock worth $555,000 after purchasing an additional 600 shares during the last quarter. Fifth Third Bancorp boosted its position in Allegro MicroSystems by 2,726.2% in the first quarter. Fifth Third Bancorp now owns 12,294 shares of the company’s stock worth $331,000 after purchasing an additional 11,859 shares during the last quarter. State of Michigan Retirement System boosted its position in Allegro MicroSystems by 2.3% in the first quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock worth $472,000 after purchasing an additional 400 shares during the last quarter. Finally, Juncture Wealth Strategies LLC purchased a new position in Allegro MicroSystems in the first quarter worth about $583,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Company Profile

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.