Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been given an average recommendation of “Moderate Buy” by the four ratings firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $45.71.

A number of equities analysts recently issued reports on the company. Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a report on Friday, February 2nd. Evercore ISI assumed coverage on Allegro MicroSystems in a report on Tuesday. They issued an “outperform” rating and a $36.00 price objective for the company. TD Cowen increased their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Finally, Needham & Company LLC decreased their price objective on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 2nd.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Juncture Wealth Strategies LLC bought a new position in Allegro MicroSystems during the 1st quarter valued at $583,000. PNC Financial Services Group Inc. boosted its stake in Allegro MicroSystems by 84.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,530 shares of the company’s stock valued at $228,000 after purchasing an additional 3,442 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Allegro MicroSystems by 9.1% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 178,522 shares of the company’s stock valued at $5,404,000 after purchasing an additional 14,940 shares in the last quarter. Vanguard Group Inc. boosted its stake in Allegro MicroSystems by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 7,400,125 shares of the company’s stock valued at $224,002,000 after purchasing an additional 38,187 shares in the last quarter. Finally, Pineridge Advisors LLC acquired a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $49,000. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Down 2.2 %

NASDAQ:ALGM opened at $26.26 on Tuesday. The firm has a market capitalization of $5.07 billion, a PE ratio of 23.04 and a beta of 1.82. The stock has a 50 day moving average of $29.09 and a 200-day moving average of $28.60. Allegro MicroSystems has a 52 week low of $24.66 and a 52 week high of $53.05. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, February 1st. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The company had revenue of $254.98 million during the quarter, compared to analyst estimates of $255.00 million. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. Analysts predict that Allegro MicroSystems will post 1.13 EPS for the current year.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.