Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Consensus Rating of "Buy" by Brokerages

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) has earned an average recommendation of "Buy" from the eight analysts that are covering the company, MarketBeat Ratings reports. Eight research analysts have rated the stock with a buy rating. The average 12-month target price among brokers that have covered the stock in the last year is $32.13.

Several equities research analysts recently commented on the stock. Barclays cut their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a research note on Friday. UBS Group assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 price objective on the stock. Needham & Company LLC dropped their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday. Finally, Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a report on Friday, October 18th.

Allegro MicroSystems Stock Up 1.2 %

Shares of Allegro MicroSystems stock traded up $0.26 during trading on Friday, hitting $21.10. 2,519,452 shares of the stock were exchanged, compared to its average volume of 1,946,156. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of 55.53 and a beta of 1.67. The firm's 50-day moving average price is $22.24 and its 200 day moving average price is $25.92. Allegro MicroSystems has a 12-month low of $19.71 and a 12-month high of $33.26. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The business had revenue of $166.90 million during the quarter, compared to analysts' expectations of $165.04 million. During the same period in the previous year, the company earned $0.34 EPS. The company's revenue for the quarter was down 40.0% on a year-over-year basis. As a group, analysts forecast that Allegro MicroSystems will post 0.16 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company's stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the completion of the transaction, the insider now owns 59,732,782 shares of the company's stock, valued at approximately $1,383,411,231.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.50% of the company's stock.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently bought and sold shares of ALGM. Versant Capital Management Inc raised its stake in shares of Allegro MicroSystems by 1,957.1% in 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 period. GAMMA Investing LLC grew its holdings in Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company's stock valued at $50,000 after purchasing an additional 603 shares in the last quarter. CWM LLC grew its holdings in Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company's stock valued at $120,000 after purchasing an additional 921 shares in the last quarter. Van ECK Associates Corp acquired a new stake in Allegro MicroSystems during the 3rd quarter valued at $172,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Allegro MicroSystems during the 2nd quarter valued at $211,000. 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.