Evercore ISI Initiates Coverage on Allegro MicroSystems (NASDAQ:ALGM)

Analysts at Evercore ISI started coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $36.00 price target on the stock. Evercore ISI’s target price would suggest a potential upside of 32.45% from the company’s previous close.

ALGM has been the subject of a number of other research reports. Wolfe Research raised shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research report on Friday, February 2nd. TD Cowen upped their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Finally, Needham & Company LLC cut their price objective on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average price target of $44.50.

Allegro MicroSystems Trading Up 0.7 %

Shares of Allegro MicroSystems stock opened at $27.18 on Tuesday. The firm has a 50-day moving average of $28.98 and a 200-day moving average of $28.55. The stock has a market cap of $5.25 billion, a PE ratio of 23.84 and a beta of 1.82. Allegro MicroSystems has a 52-week low of $24.66 and a 52-week high of $53.05. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57.

Allegro MicroSystems (NASDAQ:ALGM) last announced its 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 during the quarter, compared to analysts’ expectations of $255.00 million. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. As a group, sell-side analysts forecast that Allegro MicroSystems will post 1.13 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. State of Wyoming bought a new position in shares of Allegro MicroSystems in the second quarter worth about $28,000. Harbour Investments Inc. bought a new position in shares of Allegro MicroSystems in the first quarter worth about $33,000. GAMMA Investing LLC bought a new position in shares of Allegro MicroSystems in the fourth quarter worth about $28,000. Castleview Partners LLC bought a new position in shares of Allegro MicroSystems in the second quarter worth about $44,000. Finally, First Capital Advisors Group LLC. bought a new position in shares of Allegro MicroSystems in the second quarter worth about $45,000. Institutional investors 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.