Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Loop Capital

Loop Capital assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a report issued on Tuesday, MarketBeat reports. The brokerage issued a buy rating and a $30.00 price target on the stock.

Several other equities research analysts have also issued reports on ALGM. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Barclays lowered their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Morgan Stanley assumed 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. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Finally, UBS Group assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $30.80.

Allegro MicroSystems Stock Down 3.8 %

ALGM stock opened at $19.07 on Tuesday. The stock has a market cap of $3.51 billion, a P/E ratio of -136.21 and a beta of 1.69. 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 stock’s fifty day simple moving average is $21.66 and its two-hundred day simple moving average is $25.44. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The company had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. During the same period in the previous year, the firm earned $0.36 EPS. The firm’s quarterly revenue was down 32.0% on a year-over-year basis.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Clearbridge Investments LLC grew its position in shares of Allegro MicroSystems by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after purchasing an additional 235,335 shares in the last quarter. Silvercrest Asset Management Group LLC grew its position 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 buying an additional 495,935 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Allegro MicroSystems by 238.9% in the 1st quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock worth $1,503,000 after acquiring an additional 39,289 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Allegro MicroSystems in the 2nd quarter valued at about $856,000. Finally, Principal Financial Group Inc. boosted its position in shares of Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after acquiring an additional 308,943 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

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.