Analysts Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) Price Target at $37.44

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned an average rating of “Moderate Buy” from the eight analysts that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $37.44.

A number of equities analysts have recently issued reports on the company. Evercore ISI assumed coverage on Allegro MicroSystems in a research report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price objective for the company. Barclays dropped their price target on shares of Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. Jefferies Financial Group started coverage on shares of Allegro MicroSystems in a research report on Monday, May 13th. They set a “buy” rating and a $37.00 price objective for the company. Mizuho dropped their target price on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Finally, TD Cowen lifted their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th.

Insider Activity

In other news, Director Richard R. Lury sold 8,500 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $30.00, for a total value of $255,000.00. Following the completion of the sale, the director now owns 23,001 shares in the company, valued at approximately $690,030. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 9.70% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Several large investors have recently made changes to their positions in ALGM. 1832 Asset Management L.P. purchased a new stake in Allegro MicroSystems in the fourth quarter worth $28,756,000. Vanguard Group Inc. raised its stake in Allegro MicroSystems by 5.1% in the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock valued at $235,140,000 after acquiring an additional 355,814 shares during the period. South Dakota Investment Council purchased a new stake in Allegro MicroSystems during the fourth quarter valued at about $1,059,000. JPMorgan Chase & Co. boosted its position in Allegro MicroSystems by 21.9% during the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after purchasing an additional 727,535 shares during the period. Finally, Sei Investments Co. increased its stake in shares of Allegro MicroSystems by 42.5% in the third quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock worth $12,494,000 after purchasing an additional 116,603 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $29.53 on Friday. The firm has a market capitalization of $5.72 billion, a price-to-earnings ratio of 37.86 and a beta of 1.68. The company has a current ratio of 4.85, a quick ratio of 3.48 and a debt-to-equity ratio of 0.22. The business’s 50-day moving average price is $29.13 and its 200-day moving average price is $28.83. Allegro MicroSystems has a 12 month low of $23.64 and a 12 month high of $53.05.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, May 9th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. Allegro MicroSystems had a net margin of 14.55% and a return on equity of 20.67%. The business had revenue of $240.58 million for the quarter, compared to the consensus estimate of $235.00 million. Equities research analysts forecast that Allegro MicroSystems will post 0.23 EPS for the current year.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.