Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $30.09 Consensus Price Target from Brokerages

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned an average recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $30.09.

ALGM has been the subject of a number of recent research reports. Barclays decreased their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Needham & Company LLC decreased their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a report on Friday, October 18th. UBS Group initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target on the stock. Finally, Loop Capital began coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective for the company.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $22.26 on Friday. The company has a market capitalization of $4.10 billion, a PE ratio of -158.99 and a beta of 1.67. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The stock’s 50 day moving average price is $21.25 and its 200-day moving average price is $23.90. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26.

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

Insider Activity

In other news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James & Associates raised its stake in shares of Allegro MicroSystems by 5.5% during the second quarter. Raymond James & Associates now owns 84,554 shares of the company’s stock valued at $2,388,000 after acquiring an additional 4,380 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Allegro MicroSystems by 18.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock worth $22,735,000 after buying an additional 127,094 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Allegro MicroSystems by 62.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,736 shares of the company’s stock valued at $557,000 after buying an additional 7,622 shares during the period. Principal Financial Group Inc. lifted its stake in Allegro MicroSystems by 0.5% in the second quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company’s stock worth $61,869,000 after acquiring an additional 11,230 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH bought a new stake in Allegro MicroSystems in the second quarter valued at $13,120,000. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Company Profile

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.