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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw unusually-strong trading volume on Thursday . Approximately 4,229,000 shares were traded during mid-day 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 Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Morgan Stanley initiated coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Allegro MicroSystems in a research report on Friday. They issued an “overweight” rating and a $23.00 price target for the company. Barclays lowered their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. UBS Group initiated coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Finally, Loop Capital began coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.09.

Allegro MicroSystems Stock Performance

The stock’s 50 day moving average price is $21.49 and its two-hundred day moving average price is $25.11. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The company 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 firm’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same period last year, the company posted $0.36 earnings per share.

Insider Buying and Selling at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction on Monday, November 18th. The stock was bought at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the transaction, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC grew its stake in Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after purchasing an additional 8,534,089 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Allegro MicroSystems by 13.5% in the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after buying an additional 999,939 shares during the last quarter. State Street Corp raised its holdings 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 acquiring an additional 1,615,351 shares in the last quarter. Wellington Management Group LLP bought a new position in Allegro MicroSystems during the 3rd quarter valued at $71,289,000. Finally, Geode Capital Management LLC grew its holdings in Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after acquiring an additional 1,187,792 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Company Profile

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.