Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated at Morgan Stanley

Morgan Stanley initiated coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a report issued on Thursday morning, MarketBeat reports. The firm issued an equal weight rating and a $21.00 price target on the stock.

Several other research analysts also recently issued reports on the company. Mizuho set a $26.00 price objective on Allegro MicroSystems in a research report on Friday, October 18th. Barclays cut their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Needham & Company LLC cut their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, UBS Group assumed coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target for the company. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.89.

Allegro MicroSystems Price Performance

ALGM stock opened at $21.73 on Thursday. The firm has a 50 day moving average of $21.94 and a 200-day moving average of $25.72. Allegro MicroSystems has a 12-month low of $19.71 and a 12-month high of $33.26. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The company has a market cap of $4.00 billion, a price-to-earnings ratio of -155.21 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. During the same period in the previous year, the firm posted $0.36 EPS. The company’s quarterly revenue was down 32.0% compared to the same quarter last year.

Institutional Trading of Allegro MicroSystems

Several institutional investors have recently made changes to their positions in ALGM. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Allegro MicroSystems by 21.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 189,369 shares of the company’s stock valued at $5,105,000 after buying an additional 33,422 shares during the period. Texas Permanent School Fund Corp grew its stake 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 buying an additional 1,019 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Allegro MicroSystems during the 1st quarter valued at $297,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Allegro MicroSystems during the 1st quarter valued at $1,459,000. Finally, Qsemble Capital Management LP purchased a new stake in shares of Allegro MicroSystems during the 1st quarter valued at $583,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.