Analysts Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) Price Target at $30.09

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) has been given a consensus rating of "Moderate Buy" by the eleven ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $30.09.

Several research firms recently issued reports on ALGM. UBS Group began coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a "buy" rating and a $33.00 price target on the stock. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a "buy" rating and a $30.00 target price on the stock. Morgan Stanley started coverage on Allegro MicroSystems in a report on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price target for the company. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Finally, Wells Fargo & Company started coverage on shares of Allegro MicroSystems in a research report on Friday, November 22nd. They set an "overweight" rating and a $23.00 price target for the company.

Insider Buying and Selling

In related news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the purchase, the senior vice president now directly owns 246,086 shares in the company, valued at $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently modified their holdings of the company. Prosperity Financial Group Inc. lifted its position in Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company's stock valued at $248,000 after purchasing an additional 784 shares during the last quarter. KBC Group NV increased its stake in shares of Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company's stock valued at $84,000 after purchasing an additional 1,042 shares during the period. ProShare Advisors LLC raised its holdings in shares of Allegro MicroSystems by 9.2% during the second quarter. ProShare Advisors LLC now owns 13,280 shares of the company's stock valued at $375,000 after buying an additional 1,123 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Allegro MicroSystems by 9.9% during the second quarter. Victory Capital Management Inc. now owns 16,536 shares of the company's stock worth $467,000 after buying an additional 1,484 shares during the period. Finally, Natixis Advisors LLC grew its holdings in Allegro MicroSystems by 5.7% in the 3rd quarter. Natixis Advisors LLC now owns 30,062 shares of the company's stock worth $700,000 after buying an additional 1,625 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Stock Up 2.5 %

Shares of NASDAQ ALGM traded up $0.52 on Friday, hitting $21.59. The company had a trading volume of 8,689,286 shares, compared to its average volume of 1,963,676. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26. The firm has a market capitalization of $3.97 billion, a P/E ratio of -154.20 and a beta of 1.67. The business has a 50 day moving average of $21.23 and a two-hundred day moving average of $23.99.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.02. The firm had revenue of $187.39 million during the quarter, compared to analysts' expectations of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. Allegro MicroSystems's quarterly revenue was down 32.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 EPS.

Allegro MicroSystems Company Profile

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.