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

Loop Capital started coverage on shares of Allegro MicroSystems (NASDAQ:ALGM - Free Report) in a research report released on Tuesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $30.00 target price on the stock.

ALGM has been the topic of several other reports. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price objective on the stock. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a report on Friday, October 18th. Needham & Company LLC reduced their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. Barclays decreased their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a report on Friday, November 1st. Finally, UBS Group began coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a "buy" rating and a $33.00 target price on the stock. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, Allegro MicroSystems presently has a consensus rating of "Moderate Buy" and an average target price of $30.80.

Allegro MicroSystems Stock Performance

ALGM stock traded down $0.38 during midday trading on Tuesday, reaching $20.48. The stock had a trading volume of 212,967 shares, compared to its average volume of 1,925,766. The firm has a fifty day simple moving average of $21.86 and a two-hundred day simple moving average of $25.66. Allegro MicroSystems has a 52-week low of $19.71 and a 52-week high of $33.26. 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 stock has a market cap of $3.77 billion, a PE ratio of -148.70 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced 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. 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%. The company's revenue for the quarter was down 32.0% compared to the same quarter last year. During the same period last year, the business posted $0.36 earnings per share.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc raised its stake in shares of Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company's stock worth $33,000 after purchasing an additional 1,096 shares during the last quarter. GAMMA Investing LLC raised its position in Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company's stock worth $50,000 after buying an additional 603 shares during the last quarter. KBC Group NV lifted its stake 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 during the period. CWM LLC boosted its holdings in shares of Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company's stock valued at $120,000 after acquiring an additional 921 shares in the last quarter. Finally, Van ECK Associates Corp acquired a new position in shares of Allegro MicroSystems during the third quarter worth about $172,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.