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Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Rating) saw some unusual options trading activity on Wednesday. Traders purchased 2,992 put options on the company. This represents an increase of approximately 796% compared to the typical volume of 334 put options.Analysts Set New Price Targets
Several research analysts recently weighed in on ALGM shares. Needham & Company LLC boosted their price objective on shares of Allegro MicroSystems from $25.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 29th. Cowen assumed coverage on shares of Allegro MicroSystems in a report on Wednesday, May 25th. They issued an "outperform" rating and a $30.00 price target for the company. Barclays decreased their price target on shares of Allegro MicroSystems from $31.00 to $26.00 and set an "overweight" rating for the company in a report on Monday, July 25th. Wells Fargo & Company reduced their target price on shares of Allegro MicroSystems from $35.00 to $30.00 and set an "overweight" rating for the company in a research note on Monday, July 11th. Finally, Cowen began coverage on shares of Allegro MicroSystems in a research note on Wednesday, May 25th. They issued an "outperform" rating for the company. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Allegro MicroSystems has a consensus rating of "Buy" and an average price target of $32.50.Allegro MicroSystems Trading Up 0.0 %
Shares of ALGM stock traded up $0.01 during trading hours on Wednesday, hitting $23.04. 6,459 shares of the company's stock traded hands, compared to its average volume of 564,804. The stock's 50 day simple moving average is $23.58 and its 200 day simple moving average is $24.36. The stock has a market cap of $4.41 billion, a PE ratio of 44.29 and a beta of 1.77. Allegro MicroSystems has a 12 month low of $19.20 and a 12 month high of $38.28. The company has a quick ratio of 3.94, a current ratio of 4.73 and a debt-to-equity ratio of 0.03.
Allegro MicroSystems (NASDAQ:ALGM - Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.10). The company had revenue of $217.80 million during the quarter, compared to analyst estimates of $207.63 million. Allegro MicroSystems had a return on equity of 15.32% and a net margin of 13.44%. The company's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.16 earnings per share. On average, sell-side analysts anticipate that Allegro MicroSystems will post 0.8 EPS for the current year. Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGM. Point72 Hong Kong Ltd bought a new stake in Allegro MicroSystems in the fourth quarter worth about $33,000. PNC Financial Services Group Inc. raised its position in shares of Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company's stock valued at $33,000 after purchasing an additional 774 shares during the period. CWM LLC raised its position in shares of Allegro MicroSystems by 3,469.2% in the second quarter. CWM LLC now owns 1,392 shares of the company's stock valued at $29,000 after purchasing an additional 1,353 shares during the period. Quent Capital LLC bought a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $62,000. Finally, Assetmark Inc. raised its position in shares of Allegro MicroSystems by 145.3% in the second quarter. Assetmark Inc. now owns 1,874 shares of the company's stock valued at $39,000 after purchasing an additional 1,110 shares during the period. 46.10% of the stock is currently owned by hedge funds and other institutional investors. Allegro MicroSystems Company Profile (Get Rating)
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.Featured ArticlesGet a free copy of the StockNews.com research report on Allegro MicroSystems (ALGM)Is Lyft Going To Make It As Acquisition Rumors Swirl?Four Cheap Stocks With Interesting Insider Activity It’s Time To Embrace Another 25% Decline In The S&P 500Can Health Drink Maker Celsius Outrun Its Monster Rival?Is Five Below Trying to Punch Too High?
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