Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Free Report) CEO Vineet A. Nargolwala bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, November 17th. The shares were purchased at an average cost of $27.84 per share, with a total value of $27,840.00. Following the purchase, the chief executive officer now directly owns 302,161 shares of the company’s stock, valued at $8,412,162.24. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.
Allegro MicroSystems Trading Up 2.5 %
NASDAQ:ALGM opened at $28.74 on Tuesday. The company has a quick ratio of 4.04, a current ratio of 5.33 and a debt-to-equity ratio of 0.02. Allegro MicroSystems, Inc. has a 1-year low of $24.66 and a 1-year high of $53.05. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 22.11, a price-to-earnings-growth ratio of 2.49 and a beta of 1.90. The stock has a fifty day simple moving average of $29.56 and a 200 day simple moving average of $37.26.
Analysts Set New Price Targets
Several brokerages recently weighed in on ALGM. Wells Fargo & Company raised their target price on Allegro MicroSystems from $52.00 to $60.00 in a research note on Wednesday, July 26th. Bank of America reduced their target price on Allegro MicroSystems from $36.00 to $34.00 in a report on Tuesday, October 10th. Finally, Needham & Company LLC decreased their price target on Allegro MicroSystems from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average target price of $48.86.
Institutional Investors Weigh In On Allegro MicroSystems
Institutional investors have recently bought and sold shares of the business. State of Wyoming acquired a new stake in Allegro MicroSystems during the 2nd quarter worth about $28,000. Harbour Investments Inc. acquired a new stake in Allegro MicroSystems during the 1st quarter worth about $33,000. Raleigh Capital Management Inc. boosted its position in Allegro MicroSystems by 955.2% during the 2nd quarter. Raleigh Capital Management Inc. now owns 918 shares of the company’s stock worth $41,000 after acquiring an additional 831 shares during the period. Castleview Partners LLC acquired a new stake in Allegro MicroSystems during the 2nd quarter worth about $44,000. Finally, First Capital Advisors Group LLC. acquired a new stake in Allegro MicroSystems during the 2nd quarter worth about $45,000. 50.63% of the stock is currently owned by institutional investors and hedge funds.
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.
- Five stocks we like better than Allegro MicroSystems
- Best Aerospace Stocks Investing
- The most upgraded stocks in November have two things in common
- Why Invest in High-Yield Dividend Stocks?
- Monday.com rocked earnings like it’s the weekend
- What Are Dividend Contenders? Investing in Dividend Contenders
- Plan to own one retailer? Make it this one
Receive News & Ratings for Allegro MicroSystems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegro MicroSystems and related companies with MarketBeat.com's FREE daily email newsletter.