Analysts Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) PT at $30.45

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the eleven brokerages that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $30.45.

A number of analysts have recently weighed in on the stock. Needham & Company LLC reduced their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Barclays reduced their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a research note on Friday, November 1st. Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 target price for the company. Wells Fargo & Company boosted their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday. Finally, Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th.

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the firm's 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 completion of the acquisition, the senior vice president now directly owns 246,086 shares of the company's stock, valued at $4,675,634. The trade was a 6.49 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.50% of the company's stock.

Institutional Trading of Allegro MicroSystems

Hedge funds have recently bought and sold shares of the stock. KBC Group NV raised its position in shares of Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company's stock worth $84,000 after acquiring an additional 1,042 shares in the last quarter. Van ECK Associates Corp bought a new position in Allegro MicroSystems in the third quarter worth about $172,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Allegro MicroSystems during the second quarter valued at about $211,000. Intech Investment Management LLC purchased a new position in shares of Allegro MicroSystems in the 3rd quarter worth approximately $214,000. Finally, nVerses Capital LLC bought a new position in shares of Allegro MicroSystems during the 3rd quarter worth approximately $231,000. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

ALGM traded up $0.31 during trading on Thursday, reaching $23.71. 2,077,336 shares of the company traded hands, compared to its average volume of 2,064,313. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26. The firm has a fifty day simple moving average of $21.79 and a 200 day simple moving average of $23.27. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. The company has a market cap of $4.36 billion, a P/E ratio of -169.35 and a beta of 1.65.

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

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