Allegro MicroSystems, Inc. (NASDAQ:ALGM) CFO Buys $50,041.44 in Stock

Allegro MicroSystems, Inc. (NASDAQ:ALGM) CFO Derek D’antilio purchased 1,488 shares of Allegro MicroSystems stock in a transaction that occurred on Friday, September 15th. The stock was purchased at an average cost of $33.63 per share, for a total transaction of $50,041.44. Following the completion of the purchase, the chief financial officer now owns 142,899 shares of the company’s stock, valued at $4,805,693.37. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock traded up $0.41 during midday trading on Monday, reaching $33.20. 1,052,372 shares of the company traded hands, compared to its average volume of 1,534,324. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.56 and a quick ratio of 3.43. Allegro MicroSystems, Inc. has a 12 month low of $19.80 and a 12 month high of $53.05. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 27.24 and a beta of 1.80. The business has a 50 day moving average of $41.96 and a two-hundred day moving average of $41.98.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Tuesday, August 1st. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. The firm had revenue of $278.29 million for the quarter, compared to the consensus estimate of $275.00 million. Allegro MicroSystems had a return on equity of 26.17% and a net margin of 23.67%. As a group, research analysts predict that Allegro MicroSystems, Inc. will post 1.25 earnings per share for the current year.

Institutional Investors Weigh In On Allegro MicroSystems

A number of large investors have recently made changes to their positions in the company. FMR LLC boosted its holdings in shares of Allegro MicroSystems by 43.3% in the first quarter. FMR LLC now owns 8,058,071 shares of the company’s stock worth $386,707,000 after buying an additional 2,436,308 shares during the last quarter. Vanguard Group Inc. raised its holdings in Allegro MicroSystems by 4.1% in the 3rd quarter. Vanguard Group Inc. now owns 6,633,415 shares of the company’s stock worth $144,940,000 after purchasing an additional 263,189 shares during the period. BlackRock Inc. lifted its position in Allegro MicroSystems by 2.1% during the second quarter. BlackRock Inc. now owns 6,004,945 shares of the company’s stock valued at $271,063,000 after purchasing an additional 123,151 shares in the last quarter. Invesco Ltd. grew its holdings in Allegro MicroSystems by 4.3% during the first quarter. Invesco Ltd. now owns 4,152,293 shares of the company’s stock valued at $117,924,000 after purchasing an additional 170,171 shares during the period. Finally, Clearbridge Investments LLC increased its position in Allegro MicroSystems by 18.6% in the first quarter. Clearbridge Investments LLC now owns 4,029,946 shares of the company’s stock worth $114,450,000 after buying an additional 632,036 shares in the last quarter. 50.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ALGM shares. Needham & Company LLC reissued a “buy” rating and issued a $50.00 target price on shares of Allegro MicroSystems in a report on Wednesday, August 9th. Wolfe Research started coverage on shares of Allegro MicroSystems in a research report on Wednesday, July 19th. They set a “market perform” rating on the stock. Mizuho lifted their target price on shares of Allegro MicroSystems from $50.00 to $56.00 in a report on Thursday, July 20th. Wells Fargo & Company raised their price target on shares of Allegro MicroSystems from $52.00 to $60.00 in a research report on Wednesday, July 26th. Finally, Barclays upped their price objective on Allegro MicroSystems from $50.00 to $60.00 in a research report on Thursday, July 20th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.33.

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.