Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Average Rating of “Buy” by Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have earned a consensus recommendation of “Buy” from the nine brokerages that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $37.5556.

A number of brokerages recently weighed in on ALGM. Wells Fargo & Company reissued an “overweight” rating and issued a $42.00 price target (up from $33.00) on shares of Allegro MicroSystems in a report on Wednesday, July 16th. Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Saturday, August 2nd. TD Cowen reduced their target price on shares of Allegro MicroSystems from $42.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, August 1st. Barclays raised their price target on shares of Allegro MicroSystems from $23.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Finally, UBS Group lifted their price target on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, July 7th.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $30.77 on Monday. The company has a market capitalization of $5.69 billion, a PE ratio of -83.16 and a beta of 1.74. The company has a quick ratio of 2.26, a current ratio of 3.70 and a debt-to-equity ratio of 0.34. The stock’s 50 day moving average price is $32.80 and its 200-day moving average price is $26.88. Allegro MicroSystems has a twelve month low of $16.38 and a twelve month high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, hitting the consensus estimate of $0.09. The business had revenue of $203.41 million for the quarter, compared to analysts’ expectations of $197.82 million. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%. The business’s revenue was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 earnings per share. On average, equities analysts anticipate that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Trading of Allegro MicroSystems

A number of institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Allegro MicroSystems in the 4th quarter valued at approximately $26,926,000. Pictet Asset Management Holding SA lifted its position in shares of Allegro MicroSystems by 10.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company’s stock worth $386,000 after acquiring an additional 1,687 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Allegro MicroSystems by 183.1% in the fourth quarter. Alliancebernstein L.P. now owns 528,173 shares of the company’s stock worth $11,546,000 after acquiring an additional 341,627 shares during the period. Landscape Capital Management L.L.C. purchased a new position in shares of Allegro MicroSystems in the fourth quarter valued at $313,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $186,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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.