Allegro MicroSystems (NASDAQ:ALGM) Posts Quarterly Earnings Results, Meets Expectations

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) announced its earnings results on Tuesday. The company reported $0.21 EPS for the quarter, hitting the consensus estimate of $0.21, MarketWatch Earnings reports. The company had revenue of $200.30 million for the quarter, compared to analysts’ expectations of $195.18 million. Allegro MicroSystems had a return on equity of 18.83% and a net margin of 15.24%. The business’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.14 earnings per share.

NASDAQ:ALGM opened at $23.95 on Tuesday. Allegro MicroSystems has a 1-year low of $22.05 and a 1-year high of $38.28. The business’s 50-day moving average price is $26.26 and its two-hundred day moving average price is $29.50. The company has a current ratio of 4.65, a quick ratio of 3.87 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $4.54 billion, a price-to-earnings ratio of 45.19 and a beta of 1.61.

In other news, SVP Michael Doogue sold 7,500 shares of the firm’s stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $29.04, for a total transaction of $217,800.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 26.90% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Allegro MicroSystems in the 4th quarter valued at approximately $5,312,000. Deutsche Bank AG grew its stake in Allegro MicroSystems by 515.7% in the fourth quarter. Deutsche Bank AG now owns 32,035 shares of the company’s stock valued at $1,159,000 after purchasing an additional 26,832 shares in the last quarter. Thrivent Financial for Lutherans bought a new position in Allegro MicroSystems in the fourth quarter valued at approximately $13,934,000. Amalgamated Bank grew its stake in Allegro MicroSystems by 16.4% in the fourth quarter. Amalgamated Bank now owns 8,480 shares of the company’s stock valued at $307,000 after purchasing an additional 1,192 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Allegro MicroSystems by 232.0% in the fourth quarter. Advisors Asset Management Inc. now owns 5,600 shares of the company’s stock valued at $203,000 after purchasing an additional 3,913 shares in the last quarter. 46.35% of the stock is currently owned by institutional investors.

Several brokerages have recently commented on ALGM. Mizuho decreased their target price on Allegro MicroSystems from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Wednesday, April 20th. Barclays decreased their price target on Allegro MicroSystems from $35.00 to $31.00 and set an “overweight” rating on the stock in a report on Monday, April 25th. Finally, 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $37.33.

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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