Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $34.44.

Several analysts have commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $33.00 target price on shares of Allegro MicroSystems in a research note on Friday, August 2nd. UBS Group initiated coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock. Finally, TD Cowen raised their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th.

Insider Activity at Allegro MicroSystems

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of Allegro MicroSystems stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the transaction, the insider now directly owns 59,732,782 shares in the company, valued at $1,383,411,231.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Treasurer of the State of North Carolina lifted its position in Allegro MicroSystems by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 33,247 shares of the company’s stock valued at $1,006,000 after purchasing an additional 320 shares in the last quarter. State of Michigan Retirement System lifted its position in shares of Allegro MicroSystems by 2.3% in the first quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock valued at $472,000 after acquiring an additional 400 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of Allegro MicroSystems by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock valued at $64,000 after acquiring an additional 425 shares in the last quarter. Retirement Systems of Alabama lifted its position in shares of Allegro MicroSystems by 0.4% in the first quarter. Retirement Systems of Alabama now owns 130,731 shares of the company’s stock valued at $3,525,000 after acquiring an additional 537 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in shares of Allegro MicroSystems by 3.0% in the first quarter. Louisiana State Employees Retirement System now owns 20,600 shares of the company’s stock valued at $555,000 after acquiring an additional 600 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $21.13 on Friday. The business’s fifty day simple moving average is $25.36 and its two-hundred day simple moving average is $27.55. The company has a current ratio of 4.65, a quick ratio of 2.98 and a debt-to-equity ratio of 0.18. Allegro MicroSystems has a 12 month low of $20.42 and a 12 month high of $34.46. The company has a market cap of $4.09 billion, a price-to-earnings ratio of 27.09 and a beta of 1.68.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The business had revenue of $166.90 million for the quarter, compared to the consensus estimate of $165.04 million. During the same period last year, the business posted $0.34 EPS. The company’s revenue was down 40.0% compared to the same quarter last year. Research analysts anticipate that Allegro MicroSystems will post 0.16 earnings per share for the current fiscal year.

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