Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated by Analysts at Evercore ISI

Evercore ISI began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report sent to investors on Tuesday, Marketbeat Ratings reports. The firm issued an outperform rating and a $36.00 price target on the stock.

Several other brokerages have also weighed in on ALGM. TD Cowen raised their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an outperform rating in a research report on Friday, February 2nd. Needham & Company LLC cut their target price on Allegro MicroSystems from $44.00 to $40.00 and set a buy rating on the stock in a research report on Friday, February 2nd. Finally, Wolfe Research raised Allegro MicroSystems from a peer perform rating to an outperform rating and set a $35.00 target price on the stock in a research report on Friday, February 2nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $44.50.

Allegro MicroSystems Price Performance

ALGM stock opened at $26.41 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. The firm has a market capitalization of $5.10 billion, a P/E ratio of 23.17 and a beta of 1.82. The business’s 50-day moving average is $28.90 and its two-hundred day moving average is $28.54. Allegro MicroSystems has a 1 year low of $24.66 and a 1 year high of $53.05.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $254.98 million for 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 anticipate that Allegro MicroSystems will post 1.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC purchased a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $28,000. State of Wyoming acquired a new position in shares of Allegro MicroSystems in the second quarter worth $28,000. Altshuler Shaham Ltd acquired a new position in shares of Allegro MicroSystems in the fourth quarter worth $32,000. Harbour Investments Inc. acquired a new position in shares of Allegro MicroSystems in the first quarter worth $33,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after acquiring an additional 774 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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.