Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated at Evercore ISI

Analysts at Evercore ISI assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm set an “outperform” rating and a $36.00 price target on the stock. Evercore ISI’s price objective suggests a potential upside of 37.09% from the stock’s previous close.

Several other research firms have also recently issued reports on ALGM. TD Cowen lifted 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. Needham & Company LLC reduced their price target 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. Finally, 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 report on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Allegro MicroSystems has a consensus rating of “Moderate Buy” and an average price target of $44.50.

Allegro MicroSystems Stock Down 2.2 %

ALGM stock opened at $26.26 on Tuesday. The company has a market cap of $5.07 billion, a price-to-earnings ratio of 23.04 and a beta of 1.82. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22. Allegro MicroSystems has a 12 month low of $24.66 and a 12 month high of $53.05. The firm has a 50-day moving average of $29.09 and a two-hundred day moving average of $28.60.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The business had revenue of $254.98 million during the quarter, compared to the consensus estimate of $255.00 million. As a group, analysts forecast that Allegro MicroSystems will post 1.13 earnings per share for the current fiscal year.

Institutional Trading of Allegro MicroSystems

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Allegro MicroSystems by 5.1% during the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after purchasing an additional 355,814 shares during the period. JPMorgan Chase & Co. raised its stake in Allegro MicroSystems by 21.9% during the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after purchasing an additional 727,535 shares during the period. Robbins Farley purchased a new position in shares of Allegro MicroSystems in the 3rd quarter valued at $2,144,000. Sei Investments Co. raised its stake in shares of Allegro MicroSystems by 42.5% in the 3rd quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock valued at $12,494,000 after acquiring an additional 116,603 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in shares of Allegro MicroSystems by 51.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company’s stock valued at $3,941,000 after acquiring an additional 41,999 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.