Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Roth Capital

Roth Capital began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a report released on Friday morning, Marketbeat reports. The firm issued a buy rating and a $40.00 target price on the stock.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company dropped their price objective on shares of Allegro MicroSystems from $45.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, October 30th. TD Cowen cut their target price on shares of Allegro MicroSystems from $48.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, October 19th. Benchmark assumed coverage on shares of Allegro MicroSystems in a research note on Wednesday, August 12th. They set a “buy” rating and a $60.00 target price for the company. Mizuho decreased their target price on shares of Allegro MicroSystems from $58.00 to $46.00 and set an “outperform” rating for the company in a research note on Friday, October 30th. Finally, Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.08.

Allegro MicroSystems Trading Down 5.0%

NASDAQ:ALGM opened at $30.13 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.13 and a quick ratio of 2.79. Allegro MicroSystems has a fifty-two week low of $22.41 and a fifty-two week high of $71.77. The stock’s 50-day moving average is $33.98 and its two-hundred day moving average is $40.56. The stock has a market cap of $5.62 billion, a PE ratio of 200.88, a price-to-earnings-growth ratio of 0.87 and a beta of 2.05.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, October 29th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $276.88 million for the quarter, compared to the consensus estimate of $270.86 million. Allegro MicroSystems had a return on equity of 10.34% and a net margin of 3.07%. The firm’s quarterly revenue was up 29.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 EPS. As a group, equities research analysts forecast that Allegro MicroSystems will post 0.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Polymer Capital Management US LLC bought a new position in shares of Allegro MicroSystems during the 3rd quarter valued at $250,000. AlphaGrep UK Ltd bought a new stake in Allegro MicroSystems in the third quarter worth $302,000. First Trust Advisors LP boosted its holdings in Allegro MicroSystems by 50.7% in the third quarter. First Trust Advisors LP now owns 1,031,073 shares of the company’s stock worth $37,479,000 after purchasing an additional 347,051 shares in the last quarter. Advisors Asset Management Inc. bought a new stake in Allegro MicroSystems in the third quarter worth $363,000. Finally, GW&K Investment Management LLC increased its position in Allegro MicroSystems by 28.1% during the third quarter. GW&K Investment Management LLC now owns 854,446 shares of the company’s stock worth $31,059,000 after buying an additional 187,634 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

Allegro MicroSystems designs, develops and manufactures semiconductor devices used to sense and control motion, position, speed and electrical current. Its products include magnetic sensor integrated circuits and power integrated circuits for automotive and industrial applications. The company’s portfolio includes current and position sensors, motor-driver and power-management chips, and solutions for vehicle systems such as electrification, safety and driver assistance. Its products also support industrial automation and other applications that require precise sensing or control.