Allegro MicroSystems (NASDAQ:ALGM - Free Report) had its price objective lifted by Wells Fargo & Company from $23.00 to $27.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.
Other research analysts have also issued reports about the stock. Loop Capital started coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price objective for the company. Barclays decreased their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research note on Friday, November 1st. Needham & Company LLC cut their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. Finally, Morgan Stanley initiated coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $30.45.
Check Out Our Latest Stock Analysis on Allegro MicroSystems
Allegro MicroSystems Trading Up 0.3 %
Shares of Allegro MicroSystems stock traded up $0.08 during trading on Monday, reaching $23.04. 1,543,359 shares of the stock were exchanged, compared to its average volume of 2,203,780. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The firm has a market cap of $4.24 billion, a price-to-earnings ratio of -164.56 and a beta of 1.65. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26. The stock's fifty day moving average is $21.72 and its 200 day moving average is $23.31.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $187.52 million. During the same quarter in the prior year, the company posted $0.36 EPS. Allegro MicroSystems's quarterly revenue was down 32.0% compared to the same quarter last year.
Insider Buying and Selling at Allegro MicroSystems
In related news, SVP Michael Doogue bought 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, for a total transaction of $285,000.00. Following the purchase, the senior vice president now owns 246,086 shares of the company's stock, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is owned by company insiders.
Institutional Investors Weigh In On Allegro MicroSystems
Several institutional investors and hedge funds have recently added to or reduced their stakes in ALGM. Victory Capital Management Inc. lifted its stake in shares of Allegro MicroSystems by 9.9% in the 2nd quarter. Victory Capital Management Inc. now owns 16,536 shares of the company's stock worth $467,000 after purchasing an additional 1,484 shares during the period. Arizona State Retirement System boosted its stake in shares of Allegro MicroSystems by 15.0% during the 2nd quarter. Arizona State Retirement System now owns 24,329 shares of the company's stock worth $687,000 after acquiring an additional 3,170 shares during the last quarter. Choreo LLC bought a new stake in shares of Allegro MicroSystems during the 2nd quarter valued at $516,000. Texas Permanent School Fund Corp grew its position in shares of Allegro MicroSystems by 11.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 69,807 shares of the company's stock valued at $1,971,000 after acquiring an additional 7,269 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new position in Allegro MicroSystems in the 2nd quarter worth $211,000. Hedge funds and other institutional investors own 56.45% of the company's stock.
Allegro MicroSystems Company Profile
(
Get Free Report)
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.
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