Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $44.50.

A number of research analysts recently weighed in on the company. Needham & Company LLC dropped their price target on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a report on Friday, February 2nd. Evercore ISI began coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price objective for the company. Finally, TD Cowen boosted their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd.

Allegro MicroSystems Stock Up 0.5 %

ALGM stock opened at $26.21 on Tuesday. The stock’s 50 day simple moving average is $28.68 and its 200 day simple moving average is $28.44. Allegro MicroSystems has a fifty-two week low of $24.66 and a fifty-two 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. The company has a market cap of $5.06 billion, a P/E ratio of 22.99 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly 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. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The business had revenue of $254.98 million for the quarter, compared to the consensus estimate of $255.00 million. On average, research analysts expect that Allegro MicroSystems will post 1.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors have recently modified their holdings of the business. Treasurer of the State of North Carolina grew its holdings in shares of Allegro MicroSystems by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 33,247 shares of the company’s stock valued at $1,006,000 after acquiring an additional 320 shares in the last quarter. Avantax Advisory Services Inc. grew its holdings in shares of Allegro MicroSystems by 5.3% in the third quarter. Avantax Advisory Services Inc. now owns 7,620 shares of the company’s stock valued at $243,000 after acquiring an additional 385 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Allegro MicroSystems by 14.7% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,051 shares of the company’s stock valued at $94,000 after acquiring an additional 390 shares in the last quarter. Prosperity Financial Group Inc. grew its holdings in shares of Allegro MicroSystems by 5.2% in the third quarter. Prosperity Financial Group Inc. now owns 7,996 shares of the company’s stock valued at $255,000 after acquiring an additional 395 shares in the last quarter. Finally, State of Michigan Retirement System grew its holdings in shares of Allegro MicroSystems by 2.3% in the first quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock valued at $472,000 after acquiring an additional 400 shares in the last quarter. 56.45% of the stock is owned by institutional investors.

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.