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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $27.38.

Several brokerages have issued reports on ALGM. Mizuho boosted their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. UBS Group boosted their price target on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Barclays increased their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Finally, Needham & Company LLC dropped their target price on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, May 9th.

Allegro MicroSystems Trading Up 2.8%

NASDAQ:ALGM opened at $26.12 on Wednesday. The company has a market capitalization of $4.81 billion, a PE ratio of -74.63 and a beta of 1.57. Allegro MicroSystems has a 52-week low of $16.38 and a 52-week high of $33.26. The stock’s 50 day moving average price is $22.53 and its 200 day moving average price is $23.09. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. During the same period last year, the firm posted $0.25 earnings per share. The company’s revenue for the quarter was down 19.9% compared to the same quarter last year. On average, research analysts anticipate that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Trading of Allegro MicroSystems

Several large investors have recently bought and sold shares of ALGM. Mackenzie Financial Corp boosted its position in shares of Allegro MicroSystems by 2.8% in the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock worth $398,000 after buying an additional 491 shares in the last quarter. Fifth Third Bancorp increased its holdings in Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock valued at $33,000 after acquiring an additional 504 shares in the last quarter. UMB Bank n.a. raised its position in Allegro MicroSystems by 68.6% during the first quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock worth $36,000 after acquiring an additional 578 shares during the last quarter. Avior Wealth Management LLC lifted its holdings in shares of Allegro MicroSystems by 5.3% in the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after purchasing an additional 737 shares in the last quarter. Finally, CWM LLC grew its position in shares of Allegro MicroSystems by 22.2% in the first quarter. CWM LLC now owns 4,299 shares of the company’s stock valued at $108,000 after purchasing an additional 781 shares during the last quarter. Institutional investors and hedge funds 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.