Allegro MicroSystems (NASDAQ:ALGM) Price Target Lowered to $44.00 at Mizuho

Allegro MicroSystems (NASDAQ:ALGMGet Rating) had its price objective lowered by analysts at Mizuho from $45.00 to $44.00 in a note issued to investors on Wednesday, The Fly reports. Mizuho’s price target points to a potential upside of 76.21% from the stock’s current price.

Separately, Zacks Investment Research cut Allegro MicroSystems from a “buy” rating to a “hold” rating in a report on Tuesday, April 5th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $38.50.

Allegro MicroSystems stock opened at $24.97 on Wednesday. The stock has a market capitalization of $4.74 billion, a price-to-earnings ratio of 47.11 and a beta of 1.61. Allegro MicroSystems has a 52-week low of $22.05 and a 52-week high of $38.28. The stock’s 50 day moving average price is $27.20 and its two-hundred day moving average price is $30.11. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.87 and a current ratio of 4.65.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last posted its quarterly earnings results on Tuesday, February 1st. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. Allegro MicroSystems had a return on equity of 18.83% and a net margin of 15.24%. The firm had revenue of $186.60 million for the quarter, compared to analysts’ expectations of $182.75 million. During the same period in the prior year, the business earned ($0.16) EPS. The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. On average, equities research analysts forecast that Allegro MicroSystems will post 0.69 EPS for the current year.

In related news, SVP Michael Doogue sold 7,500 shares of the stock in a transaction on Friday, March 18th. The stock was sold at an average price of $29.04, for a total value of $217,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 26.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALGM. SG Americas Securities LLC purchased a new stake in Allegro MicroSystems in the 3rd quarter valued at $973,000. Victory Capital Management Inc. increased its position in shares of Allegro MicroSystems by 683.4% during the 3rd quarter. Victory Capital Management Inc. now owns 74,896 shares of the company’s stock valued at $2,394,000 after purchasing an additional 65,336 shares during the last quarter. Raymond James & Associates increased its position in shares of Allegro MicroSystems by 3.5% during the 3rd quarter. Raymond James & Associates now owns 38,602 shares of the company’s stock valued at $1,234,000 after purchasing an additional 1,298 shares during the last quarter. FengHe Fund Management Pte. Ltd. purchased a new stake in shares of Allegro MicroSystems during the 3rd quarter valued at $8,278,000. Finally, Dupont Capital Management Corp increased its position in shares of Allegro MicroSystems by 25.3% during the 3rd quarter. Dupont Capital Management Corp now owns 15,787 shares of the company’s stock valued at $505,000 after purchasing an additional 3,184 shares during the last quarter. 47.69% of the stock is owned by institutional investors and hedge funds.

About Allegro MicroSystems (Get Rating)

Allegro MicroSystems, Inc 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, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.

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