Cowen Begins Coverage on Allegro MicroSystems (NASDAQ:ALGM)

Research analysts at Cowen began coverage on shares of Allegro MicroSystems (NASDAQ:ALGMGet Rating) in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm set an “outperform” rating and a $30.00 price target on the stock. Cowen’s price objective points to a potential upside of 26.42% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Thursday, May 19th. Cowen started coverage on Allegro MicroSystems in a research note on Wednesday. They issued an “outperform” rating for the company. Barclays decreased their target price on Allegro MicroSystems from $35.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, April 25th. Finally, Mizuho decreased their target price on Allegro MicroSystems from $44.00 to $42.00 in a research note on Wednesday, May 11th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $35.29.

Shares of NASDAQ:ALGM opened at $23.73 on Wednesday. The business has a 50-day moving average price of $25.71 and a 200 day moving average price of $28.85. The company has a current ratio of 4.91, a quick ratio of 3.87 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 38.90 and a beta of 1.61. Allegro MicroSystems has a 12-month low of $21.91 and a 12-month high of $38.28.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last issued its quarterly earnings data on Monday, May 9th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. Allegro MicroSystems had a return on equity of 18.12% and a net margin of 16.38%. The firm had revenue of $200.30 million during the quarter, compared to the consensus estimate of $195.18 million. During the same period last year, the company earned $0.14 EPS. The company’s quarterly revenue was up 14.4% on a year-over-year basis. As a group, equities research analysts predict that Allegro MicroSystems will post 0.88 earnings per share for the current fiscal year.

In other Allegro MicroSystems news, SVP Michael Doogue sold 7,500 shares of the business’s stock in a transaction on Friday, March 18th. The stock was sold at an average price of $29.04, for a total transaction of $217,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 26.90% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the company. M&T Bank Corp increased its stake in Allegro MicroSystems by 5.2% in the fourth quarter. M&T Bank Corp now owns 9,496 shares of the company’s stock valued at $344,000 after purchasing an additional 469 shares during the last quarter. Advisor Group Holdings Inc. increased its stake in Allegro MicroSystems by 14.9% in the fourth quarter. Advisor Group Holdings Inc. now owns 5,414 shares of the company’s stock valued at $196,000 after purchasing an additional 704 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Allegro MicroSystems by 6.5% in the first quarter. Teacher Retirement System of Texas now owns 11,745 shares of the company’s stock valued at $334,000 after purchasing an additional 714 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock valued at $33,000 after purchasing an additional 774 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in Allegro MicroSystems in the fourth quarter valued at $33,000. Institutional investors and hedge funds own 46.35% of the company’s stock.

About Allegro MicroSystems (Get Rating)

Allegro MicroSystems, Inc 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, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.

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