Loop Capital Begins Coverage on Allegro MicroSystems (NASDAQ:ALGM)

Stock analysts at Loop Capital assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research note issued on Tuesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $30.00 price target on the stock. Loop Capital’s target price points to a potential upside of 49.78% from the company’s previous close.

ALGM has been the topic of a number of other reports. Morgan Stanley began coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price on the stock. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research note on Friday, October 18th. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Barclays reduced their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Finally, UBS Group began coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target on the stock. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $30.80.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $20.03 on Tuesday. The firm has a 50-day simple moving average of $21.81 and a two-hundred day simple moving average of $25.60. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. Allegro MicroSystems has a 1-year low of $19.71 and a 1-year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. During the same period in the prior year, the firm earned $0.36 earnings per share. The firm’s revenue was down 32.0% compared to the same quarter last year.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors have recently modified their holdings of the business. Clearbridge Investments LLC raised its holdings in shares of Allegro MicroSystems by 6.7% in the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after buying an additional 235,335 shares during the last quarter. Silvercrest Asset Management Group LLC grew its position in Allegro MicroSystems by 363.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after buying an additional 495,935 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Allegro MicroSystems by 238.9% in the 1st quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after buying an additional 39,289 shares during the period. XTX Topco Ltd purchased a new position in Allegro MicroSystems during the 2nd quarter worth $856,000. Finally, Vanguard Group Inc. lifted its stake in shares of Allegro MicroSystems by 13.5% in the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after acquiring an additional 999,939 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

About Allegro MicroSystems

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.