Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) have received an average rating of “Buy” from the seven brokerages that are currently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $32.50.
Several research firms have recently commented on ALGM. Mizuho dropped their target price on shares of Allegro MicroSystems from $44.00 to $42.00 in a research report on Wednesday, May 11th. Barclays lowered their price target on shares of Allegro MicroSystems from $31.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. Cowen assumed coverage on shares of Allegro MicroSystems in a research report on Wednesday, May 25th. They set an “outperform” rating for the company. Wells Fargo & Company lowered their price target on shares of Allegro MicroSystems from $35.00 to $30.00 and set an “overweight” rating for the company in a research report on Monday, July 11th. Finally, Cowen assumed coverage on shares of Allegro MicroSystems in a research report on Wednesday, May 25th. They set an “outperform” rating and a $30.00 price target for the company.
Allegro MicroSystems Trading Down 0.3 %
NASDAQ:ALGM opened at $22.00 on Friday. The company has a 50-day moving average price of $23.20 and a 200-day moving average price of $24.72. Allegro MicroSystems has a 12 month low of $19.20 and a 12 month high of $38.28. The company has a current ratio of 4.73, a quick ratio of 3.94 and a debt-to-equity ratio of 0.03. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of 42.31 and a beta of 1.79.
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Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last posted its earnings results on Thursday, July 28th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.10). Allegro MicroSystems had a return on equity of 15.32% and a net margin of 13.44%. The company had revenue of $217.80 million during the quarter, compared to analysts’ expectations of $207.63 million. During the same period in the prior year, the business posted $0.16 earnings per share. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. Equities analysts predict that Allegro MicroSystems will post 0.8 EPS for the current year.
Institutional Trading of Allegro MicroSystems
Institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC increased its stake in Allegro MicroSystems by 3,469.2% during the 2nd quarter. CWM LLC now owns 1,392 shares of the company’s stock valued at $29,000 after purchasing an additional 1,353 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Allegro MicroSystems during the 4th quarter valued at about $33,000. PNC Financial Services Group Inc. increased its stake in Allegro MicroSystems by 201.6% during the 1st 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 in the last quarter. Assetmark Inc. increased its stake in Allegro MicroSystems by 145.3% during the 2nd quarter. Assetmark Inc. now owns 1,874 shares of the company’s stock valued at $39,000 after purchasing an additional 1,110 shares in the last quarter. Finally, Quent Capital LLC bought a new stake in Allegro MicroSystems during the 4th quarter valued at about $62,000. 46.10% of the stock is currently owned by institutional investors.
About Allegro MicroSystems
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; power ICs comprising motor driver ICs, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.
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