Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $45.71 Average PT from Analysts

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has received a consensus recommendation of “Moderate Buy” from the five research firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $44.50.

A number of brokerages recently weighed in on ALGM. Evercore ISI began coverage on shares of Allegro MicroSystems in a report on Tuesday. They set an “outperform” rating and a $36.00 target price for the company. Needham & Company LLC reduced their target price on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 2nd. TD Cowen raised their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Finally, Wolfe Research upgraded 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 report on Friday, February 2nd.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC purchased a new stake in Allegro MicroSystems in the 4th quarter worth approximately $28,000. State of Wyoming purchased a new stake in Allegro MicroSystems in the 2nd quarter worth approximately $28,000. Altshuler Shaham Ltd purchased a new stake in Allegro MicroSystems in the 4th quarter worth approximately $32,000. Harbour Investments Inc. acquired a new position in Allegro MicroSystems in the 1st quarter valued at $33,000. Finally, PNC Financial Services Group Inc. grew its stake in Allegro MicroSystems by 201.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock valued at $33,000 after buying an additional 774 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Down 2.8 %

Allegro MicroSystems stock opened at $26.41 on Tuesday. The stock has a market capitalization of $5.10 billion, a PE ratio of 23.17 and a beta of 1.82. Allegro MicroSystems has a 12-month low of $24.66 and a 12-month high of $53.05. 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 50 day simple moving average of $28.90 and a 200-day simple moving average of $28.54.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm 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, equities research analysts expect that Allegro MicroSystems will post 1.13 EPS for the current fiscal year.

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.