Allegro Microsystems Inc. [ALGM] Stock trading around $27.67 per share: What’s Next?

Allegro Microsystems Inc. [NASDAQ: ALGM] stock went on a downward path that fall over -5.76% on Thursday, amounting to a one-week price decrease of less than -6.52%.

Over the last 12 months, ALGM stock dropped by -24.73%. The one-year Allegro Microsystems Inc. stock forecast points to a potential upside of 21.26. The average equity rating for ALGM stock is currently 1.14, trading closer to a bullish pattern in the stock market.

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The market cap for the stock reached $5.34 billion, with 191.75 million shares outstanding and 78.63 million shares in the current float. Compared to the average trading volume of 1.52M shares, ALGM stock reached a trading volume of 7510511 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Allegro Microsystems Inc. [ALGM]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ALGM shares is $35.14 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ALGM stock is a recommendation set at 1.14. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Evercore ISI have made an estimate for Allegro Microsystems Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on April 16, 2024. The new note on the price target was released on February 02, 2024, representing the official price target for Allegro Microsystems Inc. stock. Previously, the target price had yet another raise from $32 to $35, while TD Cowen kept a Outperform rating on ALGM stock.

The Average True Range (ATR) for Allegro Microsystems Inc. is set at 1.32, with the Price to Sales ratio for ALGM stock in the period of the last 12 months amounting to 4.96. The Price to Book ratio for the last quarter was 4.71, with the Price to Cash per share for the same quarter was set at 1.16. Price to Free Cash Flow for ALGM in the course of the last twelve months was 71.88 with Quick ratio for the last quarter at 3.19.

ALGM Stock Performance Analysis:

Allegro Microsystems Inc. [ALGM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.52. With this latest performance, ALGM shares gained by 2.37% in over the last four-week period, additionally plugging by 5.77% over the last 6 months – not to mention a drop of -24.73% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ALGM stock in for the last two-week period is set at 45.19, with the RSI for the last a single of trading hit 40.25, and the three-weeks RSI is set at 46.95 for Allegro Microsystems Inc. [ALGM]. The present Moving Average for the last 50 days of trading for this stock 28.30, while it was recorded at 29.48 for the last single week of trading, and 30.78 for the last 200 days.

Insight into Allegro Microsystems Inc. Fundamentals:

Allegro Microsystems Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.19 and a Current Ratio set at 4.57.

ALGM Stock EPS

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ALGM. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Allegro Microsystems Inc. go to 8.70%.

Allegro Microsystems Inc. [ALGM] Institutonal Ownership Details

The top three institutional holders of ALGM stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in ALGM stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in ALGM stock with ownership which is approximately 5.8386%.