Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been given a consensus rating of “Moderate Buy” by the eleven research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $30.09.

ALGM has been the subject of several research analyst reports. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a report on Friday, October 18th. Wells Fargo & Company began coverage on Allegro MicroSystems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 price target for the company. Barclays cut their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Needham & Company LLC dropped their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, UBS Group began coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective for the company.

Insider Activity

In other news, SVP Michael Doogue purchased 15,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was bought at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 added to or reduced their stakes in the business. Westfield Capital Management Co. LP lifted its stake in shares of Allegro MicroSystems by 54.6% in the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock valued at $46,937,000 after buying an additional 711,185 shares during the period. XTX Topco Ltd bought a new stake in Allegro MicroSystems during the second quarter worth about $856,000. Principal Financial Group Inc. grew its position in Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock worth $58,244,000 after acquiring an additional 308,943 shares during the last quarter. Vanguard Group Inc. increased its stake 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 buying an additional 999,939 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Allegro MicroSystems by 18.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock valued at $22,735,000 after acquiring an additional 127,094 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM opened at $21.73 on Wednesday. The stock has a market capitalization of $4.00 billion, a P/E ratio of -155.21 and a beta of 1.69. Allegro MicroSystems has a 52-week low of $18.59 and a 52-week high of $33.26. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The firm’s 50-day moving average price is $21.36 and its two-hundred day moving average price is $24.83.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. During the same period in the previous year, the business posted $0.36 EPS. Allegro MicroSystems’s revenue was down 32.0% on a year-over-year basis.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.