Allegro MicroSystems (NASDAQ:ALGM) Releases Q1 2022 Earnings Guidance

Allegro MicroSystems (NASDAQ:ALGMGet Rating) updated its first quarter 2022 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.22-$0.23 for the period, compared to the consensus estimate of $0.22. The company issued revenue guidance of $205.00 million-$210.00 million, compared to the consensus revenue estimate of $205.28 million.

A number of brokerages have weighed in on ALGM. Zacks Investment Research upgraded shares of Allegro MicroSystems from a hold rating to a buy rating and set a $26.00 target price for the company in a research note on Thursday. Barclays decreased their target price on shares of Allegro MicroSystems from $35.00 to $31.00 and set an overweight rating for the company in a research note on Monday, April 25th. Finally, Mizuho decreased their target price on shares of Allegro MicroSystems from $44.00 to $42.00 in a research note on Wednesday, May 11th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $36.17.

NASDAQ:ALGM opened at $23.63 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.91 and a quick ratio of 3.87. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of 38.74 and a beta of 1.61. Allegro MicroSystems has a one year low of $21.91 and a one year high of $38.28. The business has a fifty day moving average price of $25.74 and a 200-day moving average price of $28.91.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last posted its quarterly earnings data on Monday, May 9th. The company reported $0.21 EPS for the quarter, hitting the consensus estimate of $0.21. Allegro MicroSystems had a return on equity of 18.12% and a net margin of 16.38%. The firm had revenue of $200.30 million during the quarter, compared to analyst estimates of $195.18 million. During the same period in the prior year, the business posted $0.14 EPS. Allegro MicroSystems’s revenue was up 14.4% on a year-over-year basis. On average, equities research analysts expect that Allegro MicroSystems will post 0.88 earnings per share for the current fiscal year.

In other Allegro MicroSystems 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 26.90% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its holdings in shares of Allegro MicroSystems by 201.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock valued at $33,000 after purchasing an additional 774 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Allegro MicroSystems by 981.5% during the 1st quarter. US Bancorp DE now owns 2,455 shares of the company’s stock valued at $70,000 after purchasing an additional 2,228 shares during the last quarter. MetLife Investment Management LLC bought a new position in shares of Allegro MicroSystems during the 1st quarter valued at about $74,000. Advisors Asset Management Inc. boosted its holdings in shares of Allegro MicroSystems by 232.0% during the 4th 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 during the last quarter. Finally, Eaton Vance Management bought a new position in shares of Allegro MicroSystems during the 1st quarter valued at about $221,000. 46.35% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Company Profile (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.

See Also

Earnings History and Estimates for Allegro MicroSystems (NASDAQ:ALGM)

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