Brokerages Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) PT at $45.00

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned an average rating of “Moderate Buy” from the twelve ratings firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $45.00.

A number of research analysts have weighed in on the company. Needham & Company LLC lifted their target price on Allegro MicroSystems from $41.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Bank of America increased their price target on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Allegro MicroSystems in a research note on Monday, December 29th. Morgan Stanley raised shares of Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 target price on the stock in a report on Friday, February 13th. Finally, TD Cowen increased their target price on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, January 30th.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock opened at $31.74 on Tuesday. Allegro MicroSystems has a one year low of $16.38 and a one year high of $43.86. The business has a fifty day moving average price of $35.64 and a 200-day moving average price of $30.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.65 and a quick ratio of 2.39. The firm has a market capitalization of $5.88 billion, a P/E ratio of -396.75 and a beta of 1.64.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. The company had revenue of $229.21 million for the quarter, compared to analyst estimates of $220.78 million. Allegro MicroSystems had a positive return on equity of 4.35% and a negative net margin of 1.57%.The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 EPS. As a group, equities research analysts forecast that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently made changes to their positions in the business. Hantz Financial Services Inc. increased its position in shares of Allegro MicroSystems by 86.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after purchasing an additional 419 shares during the last quarter. Quent Capital LLC bought a new stake in Allegro MicroSystems in the 3rd quarter worth approximately $28,000. Kestra Advisory Services LLC bought a new stake in Allegro MicroSystems in the 4th quarter worth approximately $34,000. CIBC Private Wealth Group LLC boosted its stake in Allegro MicroSystems by 14,844.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock worth $35,000 after buying an additional 1,336 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Allegro MicroSystems by 85.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock worth $38,000 after buying an additional 669 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.