Brokerages Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) Price Target at $30.80

Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Rating) has been assigned a consensus rating of “Buy” from the seven analysts that are covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $31.80.

Several research firms recently weighed in on ALGM. Mizuho cut their price objective on Allegro MicroSystems from $42.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, October 28th. TheStreet upgraded Allegro MicroSystems from a “c” rating to a “b-” rating in a report on Wednesday, November 16th. Wells Fargo & Company raised their price objective on shares of Allegro MicroSystems from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Needham & Company LLC upped their target price on shares of Allegro MicroSystems from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, October 27th.

Allegro MicroSystems Trading Up 3.9 %

NASDAQ:ALGM opened at $31.26 on Friday. The company’s 50 day moving average is $29.78 and its 200-day moving average is $25.30. The company has a quick ratio of 3.96, a current ratio of 4.84 and a debt-to-equity ratio of 0.03. Allegro MicroSystems has a 12 month low of $19.20 and a 12 month high of $34.14. The firm has a market cap of $5.98 billion, a price-to-earnings ratio of 51.25 and a beta of 1.68.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last announced its earnings results on Thursday, October 27th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. Allegro MicroSystems had a net margin of 14.87% and a return on equity of 16.87%. The firm had revenue of $237.70 million for the quarter, compared to the consensus estimate of $225.03 million. During the same quarter last year, the firm posted $0.17 EPS. The business’s quarterly revenue was up 22.8% on a year-over-year basis. Equities analysts anticipate that Allegro MicroSystems will post 0.9 EPS for the current year.

Insider Activity

In related news, SVP Michael Doogue sold 26,665 shares of the company’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $28.81, for a total value of $768,218.65. Following the completion of the transaction, the senior vice president now directly owns 192,054 shares in the company, valued at $5,533,075.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Joseph R. Martin sold 16,349 shares of the stock in a transaction that occurred on Friday, November 4th. The stock was sold at an average price of $25.92, for a total value of $423,766.08. Following the completion of the transaction, the director now directly owns 35,536 shares of the company’s stock, valued at approximately $921,093.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Michael Doogue sold 26,665 shares of the firm’s stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $28.81, for a total value of $768,218.65. Following the transaction, the senior vice president now owns 192,054 shares of the company’s stock, valued at approximately $5,533,075.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,573 shares of company stock worth $1,527,600. Company insiders own 13.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC grew its holdings in shares of Allegro MicroSystems by 3,469.2% in the 2nd quarter. CWM LLC now owns 1,392 shares of the company’s stock worth $29,000 after purchasing an additional 1,353 shares during the last quarter. Signaturefd LLC grew its stake in Allegro MicroSystems by 134.1% during the third quarter. Signaturefd LLC now owns 1,365 shares of the company’s stock worth $30,000 after buying an additional 782 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Allegro MicroSystems by 201.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after buying an additional 774 shares in the last quarter. Assetmark Inc. raised its stake in shares of Allegro MicroSystems by 145.3% in the second quarter. Assetmark Inc. now owns 1,874 shares of the company’s stock valued at $39,000 after acquiring an additional 1,110 shares during the last quarter. Finally, US Bancorp DE raised its stake in shares of Allegro MicroSystems by 981.5% in the first quarter. US Bancorp DE now owns 2,455 shares of the company’s stock valued at $70,000 after acquiring an additional 2,228 shares during the last quarter. 46.89% of the stock is owned by institutional investors.

Allegro MicroSystems Company Profile

(Get Rating)

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.

Further Reading

Analyst Recommendations for Allegro MicroSystems (NASDAQ:ALGM)

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