Allegro MicroSystems (NASDAQ:ALGM) Sees Unusually-High Trading Volume – Here’s What Happened

Allegro MicroSystems, Inc. (NASDAQ:ALGM) shares saw unusually-high trading volume on Thursday . Approximately 4,229,000 shares changed hands during trading, an increase of 118% from the previous session’s volume of 1,939,728 shares.The stock last traded at $20.92 and had previously closed at $20.14.

Wall Street Analyst Weigh In

ALGM has been the topic of several research analyst reports. Morgan Stanley began coverage on Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective on the stock. Loop Capital initiated coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Needham & Company LLC decreased their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Barclays lowered their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Finally, Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.09.

Allegro MicroSystems Trading Up 2.7 %

The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The stock has a 50-day simple moving average of $21.49 and a 200 day simple moving average of $25.11.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The business’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same period last year, the business earned $0.36 earnings per share.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, with a total value of $285,000.00. Following the purchase, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at $4,675,634. This trade represents a 6.49 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its holdings in Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after buying an additional 8,534,089 shares during the last quarter. Wellington Management Group LLP acquired a new position in Allegro MicroSystems in the third quarter valued at approximately $71,289,000. State Street Corp increased its stake in Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after purchasing an additional 1,615,351 shares during the last quarter. Geode Capital Management LLC raised its holdings in Allegro MicroSystems by 86.5% during the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Allegro MicroSystems by 13.5% in the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after buying an additional 999,939 shares in the last quarter. 56.45% of the stock is 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.