Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) has been given an average recommendation of "Moderate Buy" by the eleven research firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $30.09.
ALGM has been the subject of several analyst reports. Needham & Company LLC lowered their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, October 31st. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price objective for the company. Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. Barclays decreased their target price on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research note on Friday, November 1st. Finally, Morgan Stanley started coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price target on the stock.
View Our Latest Report on Allegro MicroSystems
Insider Transactions at Allegro MicroSystems
In related news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction on Monday, November 18th. The shares were acquired at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the transaction, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.50% of the company's stock.
Institutional Investors Weigh In On Allegro MicroSystems
A number of hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company's stock worth $50,000 after purchasing an additional 603 shares in the last quarter. Prosperity Financial Group Inc. raised its position in shares of Allegro MicroSystems by 7.9% in the third quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company's stock worth $248,000 after buying an additional 784 shares in the last quarter. CWM LLC grew its position in Allegro MicroSystems by 27.7% during the second quarter. CWM LLC now owns 4,241 shares of the company's stock worth $120,000 after buying an additional 921 shares in the last quarter. KBC Group NV raised its holdings 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 valued at $84,000 after acquiring an additional 1,042 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company's stock valued at $33,000 after acquiring an additional 1,096 shares during the last quarter. Institutional investors own 56.45% of the company's stock.
Allegro MicroSystems Stock Performance
Allegro MicroSystems stock opened at $21.57 on Wednesday. The stock has a market cap of $3.97 billion, a PE ratio of -154.06 and a beta of 1.69. 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 business's 50-day moving average price is $21.46 and its two-hundred day moving average price is $24.97.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its 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. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The firm had revenue of $187.39 million for the quarter, compared to analysts' expectations of $187.52 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. The company's revenue was down 32.0% on a year-over-year basis.
About Allegro MicroSystems
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Get Free ReportAllegro 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.
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