Allegro Microsystems Inc. (NASDAQ:ALGM) shares traded -1.58% lower at $24.31 on Wall Street last session.
ALGM stock price is now -17.50% away from the 50-day moving average and -15.38% away from the 200-day moving average. The market capitalization of the company currently stands at $4.71B.
Top 5 Artificial Intelligence Stocks to Buy for 2024
By now, you're well aware of the artificial intelligence boom. You know Big Tech has been investing billions of dollars into it.
According to Next Move Strategy Consulting, the AI market – currently valued at about $100 billion – cold grow twenty-fold by 2030 to more than $2 trillion. That means you may want to strongly consider these top AI stocks. Get our free report, "Top 5 AI Stocks to Buy in 2024."
Click here to automatically get the our FREE Report & Special Offer "5 Best AI Stocks to Invest In"
Sponsored
With the price target of $37, Jefferies recently initiated with Buy rating for Allegro Microsystems Inc. (NASDAQ: ALGM). On May 10, 2024, TD Cowen reiterated its ‘Buy’ rating on the stock by increasing its target price from $35 to quote $32, while ‘Evercore ISI’ rates the stock as ‘Outperform’
In other news, Lury Richard R., Director sold 8,500 shares of the company’s stock on May 30 ’24. The stock was sold for $255,000 at an average price of $30.00. Upon completion of the transaction, the Director now directly owns 23,001 shares in the company, valued at $0.56 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Mar 08 ’24, SVP of Worldwide Sales Glover Max R. sold 15,000 shares of the business’s stock. A total of $476,486 was realized by selling the stock at an average price of $31.77. This leaves the insider owning 244,625 shares of the company worth $5.95 million. A total of 53.91% of the company’s stock is owned by insiders.
During the past 12 months, Allegro Microsystems Inc. has had a low of $23.64 and a high of $52.26. As of last week, the company has a debt-to-equity ratio of 0.24, a current ratio of 4.85, and a quick ratio of 3.48. According to the stock market information, the enterprise value for the company is $4774362112, which is based on a 31.05 price-to-earnings ratio, a 3.57 price-to-earnings-growth ratio, and a beta of 1.69. The fifty day moving average price for ALGM is $29.409 and a two-hundred day moving average price translates $28.694525 for the stock.
The latest earnings results from Allegro Microsystems Inc. (NASDAQ: ALGM) was released for 2024-03-29. The net profit margin was 14.55% and return on equity was 14.57% for ALGM. The company reported revenue of $240.58 million for the quarter, compared to $269.44 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -10.71 percent.
