Allegro MicroSystems, Inc. (NASDAQ:ALGM) CEO Vineet A. Nargolwala Acquires 1,000 Shares of Stock

Allegro MicroSystems, Inc. (NASDAQ:ALGM) 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.