Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $34.44 Consensus PT from Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have earned an average recommendation of “Buy” from the eight analysts that are covering the stock, MarketBeat reports. Eight analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $34.50.

A number of research analysts have recently weighed in on ALGM shares. 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 report on Thursday, June 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a research note on Friday, August 2nd. Finally, UBS Group began coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock.

Insider Buying and Selling

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the sale, the insider now owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently modified their holdings of ALGM. Vanguard Group Inc. increased its position in shares of Allegro MicroSystems by 13.5% in the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after acquiring an additional 999,939 shares during the last quarter. Bamco Inc. NY grew its holdings in Allegro MicroSystems by 477.6% during the first quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock worth $18,031,000 after purchasing an additional 553,016 shares during the period. Silvercrest Asset Management Group LLC grew its holdings in Allegro MicroSystems by 363.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock worth $17,053,000 after purchasing an additional 495,935 shares during the period. Fort Washington Investment Advisors Inc. OH bought a new position in Allegro MicroSystems during the second quarter worth about $13,120,000. Finally, Dimensional Fund Advisors LP grew its holdings in Allegro MicroSystems by 45.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock worth $36,207,000 after purchasing an additional 397,681 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Trading Down 1.3 %

ALGM opened at $20.54 on Tuesday. Allegro MicroSystems has a 1-year low of $19.82 and a 1-year high of $33.26. The firm has a 50-day moving average price of $22.92 and a two-hundred day moving average price of $26.52. The stock has a market capitalization of $3.98 billion, a PE ratio of 26.33 and a beta of 1.67. 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 (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The business’s quarterly revenue was down 40.0% compared to the same quarter last year. During the same period last year, the company earned $0.34 EPS. As a group, equities 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.