Fidelity Management & Research Co has recently announced that it has increased stake in Allegro Microsystems Inc. (NASDAQ:ALGM) by 13.71%. After grabbing 9.16 million shares, the institutional investor is now in possession of 1.1 million shares of the Technology Company. The new investment brought the stake of investor firm to 4.76% having worth around $249.32 million. Moreover, The Vanguard Group, Inc. increased its share by 0.35 million to have a control over 7.25 million shares. And BlackRock Fund Advisors raised its holdings to 0.58 million shares by acquiring 6.08 million shares or 3.16% of the stake.
Allegro Microsystems Inc. (ALGM) concluded trading on 01/04/24 at a closing price of $27.17, with 2.96 million shares of worth about $80.49 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -37.84% during that period and on Thursday the price saw a loss of about -6.36%. Currently the company’s common shares owned by public are about 191.75M shares, out of which, 73.02M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 55 times over the past 12 months. They bought 749,236 shares in 31 of the transactions. In 24 selling transactions, insiders dumped 5,304,190 shares.
Fidelity Select Port. – Semicondu, ClearBridge Small Cap Growth Fund, and iShares Core S&P Mid Cap ETF are the top 3 mutual funds which are holding stakes in Allegro Microsystems Inc. Fidelity Select Port. – Semicondu is currently holding 3.91 million shares of worth totaling $106.51 million. The company recently came buying 0.0 shares which brought its stake up to 2.03% of the company’s outstanding shares. ClearBridge Small Cap Growth Fund sold 9036.0 shares, after which its hold over company’s outstanding shares shrunk to 1.17%, leaving 2.25 million shares with the mutual fund that have a worth of about $61.17 million. iShares Core S&P Mid Cap ETF, after buying 2.2 million shares, have now control over 1.14% of the stake in the company. It holds 390.0 shares of worth $59.77 million.
Allegro Microsystems Inc. (NASDAQ: ALGM) started trading at $27.75, below -$1.26 from concluding price of the previous day. However, the stock later moved at a day high price of 27.76, or with a loss of -6.36%. Stock saw a price change of -12.62% in past 5 days and over the past one month there was a price change of -0.60%. Year-to-date (YTD), ALGM shares are showing a performance of -10.26% which decreased to -7.35% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $24.66 but also hit the highest price of $53.05 during that period. The average intraday trading volume for Allegro Microsystems Inc. shares is 1.28 million. The stock is currently trading -7.56% below its 20-day simple moving average (SMA20), while that difference is down -3.13% for SMA50 and it goes to -26.51% lower than SMA200.
Fidelity Management & Research Co acquired 9.16 million shares of Allegro Microsystems Inc. having value of about $249.32 million. Data submitted at the U.S SEC by Fidelity Management & Research Co revealed that the firm now holds 1.1 million shares in the company valued at close to $30002119.29, or have control over 13.71% stake in the company. Allegro Microsystems Inc. (NASDAQ: ALGM) currently have 191.75M outstanding shares and institutions hold larger chunk of about 42.40% of that. Holding of mutual funds in the company is about 15.32% while other institutional holders and individual stake holders have control over 27.25% and 12.36% of the stake respectively.
The stock has a current market capitalization of $5.23B and its 3Y-monthly beta is at 1.82. PE ratio of stock for trailing 12 months is 20.91, while it has posted earnings per share of $1.30 in the same period. Its PEG reads 0.80 and has Quick Ratio of 4.04 while making debt-to-equity ratio of 0.04. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ALGM, volatility over the week remained 3.43% while standing at 3.08% over the month.
Analysts are in expectations that Allegro Microsystems Inc. (ALGM) stock would likely to be making an EPS of $Allegro MicroSystems, Inc. in the current quarter, while forecast for next quarter EPS is $27.16 and it is $Stocks for next year. For the current quarter EPS, analysts have given the company a lowest target $Align Technology, Inc. which is $Allegiant Travel Company at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $Aligos Therapeutics, Inc. in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 6.46% while it is estimated to decrease by -1.29% in next year. EPS is likely to grow at an annualized rate of 26.10% for next 5-years, compared to annual growth of 21.27% made by the stock over the past 5-years.
Analysts at 8 brokerage firms have issued recommendations for the Allegro Microsystems Inc. (ALGM)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.62. Out of those 8 Wall Street analysts, 5 recommended a “Buy” rating, while 2 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by BofA Securities on September 29, 2023 offering a Neutral rating for the stock and assigned a target price of $36 to it.
