Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Average Recommendation of “Buy” from Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Rating) have received an average rating of “Buy” from the seven analysts that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $38.60.

Several research firms have recently issued reports on ALGM. Barclays dropped their price objective on shares of Allegro MicroSystems from $35.00 to $31.00 and set an “overweight” rating on the stock in a report on Monday, April 25th. Zacks Investment Research cut Allegro MicroSystems from a “buy” rating to a “hold” rating in a report on Tuesday, April 5th. Finally, Mizuho decreased their price objective on Allegro MicroSystems from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Wednesday, April 20th.

In other news, SVP Michael Doogue sold 7,500 shares of the stock in a transaction that occurred on Friday, March 18th. The stock was sold at an average price of $29.04, for a total value of $217,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 26.90% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $164,504,000. Invesco Ltd. grew its holdings in Allegro MicroSystems by 4.7% during the 4th quarter. Invesco Ltd. now owns 3,982,122 shares of the company’s stock worth $144,073,000 after acquiring an additional 179,957 shares during the last quarter. Alliancebernstein L.P. increased its position in Allegro MicroSystems by 4.8% in the 3rd quarter. Alliancebernstein L.P. now owns 3,640,934 shares of the company’s stock valued at $116,364,000 after acquiring an additional 165,689 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Allegro MicroSystems by 8.8% during the fourth quarter. JPMorgan Chase & Co. now owns 3,594,298 shares of the company’s stock valued at $130,041,000 after purchasing an additional 289,609 shares during the last quarter. Finally, Macquarie Group Ltd. increased its holdings in shares of Allegro MicroSystems by 14.4% in the third quarter. Macquarie Group Ltd. now owns 2,494,530 shares of the company’s stock valued at $79,725,000 after purchasing an additional 314,108 shares in the last quarter. 46.35% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems stock opened at $24.31 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.87 and a current ratio of 4.65. The business’s 50-day simple moving average is $26.57 and its 200-day simple moving average is $29.79. The firm has a market capitalization of $4.61 billion, a PE ratio of 45.87 and a beta of 1.61. Allegro MicroSystems has a 52 week low of $22.05 and a 52 week high of $38.28.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last announced its quarterly earnings data on Tuesday, February 1st. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. The business had revenue of $186.60 million for the quarter, compared to the consensus estimate of $182.75 million. Allegro MicroSystems had a net margin of 15.24% and a return on equity of 18.83%. Allegro MicroSystems’s quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.16) earnings per share. Research analysts forecast that Allegro MicroSystems will post 0.69 earnings per share for the current year.

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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