Allegro MicroSystems (NASDAQ:ALGM) Earns Equal Weight Rating from Analysts at Morgan Stanley

Stock analysts at Morgan Stanley assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) in a note issued to investors on Thursday, Marketbeat.com reports. The brokerage set an "equal weight" rating and a $21.00 price target on the stock. Morgan Stanley's target price indicates a potential downside of 5.23% from the stock's current price.

ALGM has been the topic of several other reports. 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. Needham & Company LLC cut 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. UBS Group started coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a "buy" rating and a $33.00 target price for the company. Finally, Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $30.89.

Allegro MicroSystems Trading Up 0.7 %

Allegro MicroSystems stock traded up $0.15 during midday trading on Thursday, reaching $22.16. The stock had a trading volume of 1,222,700 shares, compared to its average volume of 1,938,698. The stock has a market capitalization of $4.08 billion, a PE ratio of -160.86 and a beta of 1.69. 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's 50-day simple moving average is $22.04 and its 200 day simple moving average is $25.81. Allegro MicroSystems has a twelve month low of $19.71 and a twelve month high of $33.26.

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, beating 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 8.47%. The business had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. During the same period last year, the business earned $0.36 EPS. The business's revenue was down 32.0% on a year-over-year basis. Analysts expect that Allegro MicroSystems will post 0.16 EPS for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in Allegro MicroSystems by 21.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 189,369 shares of the company's stock worth $5,105,000 after acquiring an additional 33,422 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in shares of Allegro MicroSystems by 1.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company's stock valued at $1,686,000 after acquiring an additional 1,019 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Allegro MicroSystems in the first quarter worth $297,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Allegro MicroSystems during the first quarter worth $1,459,000. Finally, Qsemble Capital Management LP acquired a new stake in Allegro MicroSystems during the first quarter valued at $583,000. Institutional investors and hedge funds own 56.45% of the company's stock.

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.