Investing in Allegro MicroSystems Inc. (ALGM) Is Getting More Attractive


Allegro MicroSystems Inc.’s recently made public that its Director Lury Richard R. unloaded Company’s shares for reported $0.26 million on Feb 08. In the deal valued at $42.58 per share,6,000 shares were sold. As a result of this transaction, Lury Richard R. now holds 27,663 shares worth roughly $ 1.2 million.

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Then, Lynch Susan D bought 240 shares, generating $9,967 in total proceeds. Upon buying the shares at $41.53, the Director now owns 12,523 shares.

Before that, OEP SKNA, L.P. sold 4,980,000 shares. Allegro MicroSystems Inc. shares valued at $188,044,800 were divested by the 10% Owner at a price of $37.76 per share. As a result of the transaction, OEP SKNA, L.P. now holds 17,649,247 shares, worth roughly $762.98 million.

Cowen initiated its Allegro MicroSystems Inc. [ALGM] rating to an Outperform in a research note published on Friday, May 25, 2022; the price target was $30. PT values the company’s stock at a premium of -44.1 to its Friday closing price. A number of analysts have revised their coverage, including William Blair’s analysts, who began to cover the stock in late June with a ‘”an Outperform”‘ rating. Needham began covering ALGM with “Buy” recommendation on November 23, 2020. Mizuho started covering the stock on November 23, 2020. It rated ALGM as “a Buy”.

Price Performance Review of ALGM

On Friday, Allegro MicroSystems Inc. [NASDAQ:ALGM] saw its stock fall -1.28% to $43.23. On the same session, the stock had its day’s lowest price of $42.70, but rose to a high of $43.54. Over the last five days, the stock has lost -4.00%. Allegro MicroSystems Inc. shares have risen nearly 44.00% since the year began. Nevertheless, the stocks have risen 61.91% over the past one year. While a 52-week high of $45.99 was reached on 02/15/23, a 52-week low of $19.20 was recorded on 01/05/23. SMA at 50 days reached $35.65, while 200 days put it at $27.10. A total of 0.88 million shares were traded, compared to the trading of 1.66 million shares in the previous session.

Levels Of Support And Resistance For ALGM Stock

The 24-hour chart illustrates a support level at 42.77, which if violated will result in even more drops to 42.32. On the upside, there is a resistance level at 43.61. A further resistance level may holdings at 44.00. The Relative Strength Index (RSI) on the 14-day chart is 63.60, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.13, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 48.46%. Stochastics %K at 57.92% indicates the stock is a holding.

How much short interest is there in Allegro MicroSystems Inc.?

A steep rise in short interest was recorded in Allegro MicroSystems Inc. stocks on Jan 30, 2023, growing by 0.86 million shares to a total of 7.26 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 6.4 million shares. There was a rise of 11.85%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 10.81% of the overall stock float, the days-to-cover ratio (short ratio) rose to 5.23.

Allegro MicroSystems Inc. [ALGM] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 6,450,600 shares, or roughly 3.37% of the outstanding ALGM shares. In other words, the investor’s shares have fallen by -86,974 from its previous 13-F filing of 6537574.0. Additionally, Fidelity Management & Research Co increased 60.70% of its stake after which the total value it holdings stand at $214,564,372, while BlackRock Fund Advisors added 175.05% of its stake to hold $209.26 million in the firm. Over the last quarter, ClearBridge Investments LLC sold -98,388 shares of Allegro MicroSystems Inc., while Invesco Advisers, Inc. sold 37,878 shares. At present, Allspring Global Investments LLC is holding 3,243,632 shares valued at $123.81 million. SSgA Funds Management, Inc. owned 2,892,437 shares of the company at the time of its most recent 13F filing, worth $110.4 million.

The most recent change occurred on November 23, 2020 when Jefferies began covering the stock and recommended ‘”a Buy”‘ rating along with a $28 price target.


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