Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Analysts at Evercore ISI

Evercore ISI assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a report published on Tuesday, MarketBeat reports. The firm issued an outperform rating and a $36.00 price target on the stock.

Several other analysts also recently commented on ALGM. TD Cowen increased their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the company an outperform rating in a research note on Friday, February 2nd. Needham & Company LLC dropped their price target on Allegro MicroSystems from $44.00 to $40.00 and set a buy rating on the stock in a research note on Friday, February 2nd. Finally, Wolfe Research upgraded Allegro MicroSystems from a peer perform rating to an outperform rating and set a $35.00 price target on the stock in a research note on Friday, February 2nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $44.50.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $27.00 on Tuesday. The business’s fifty day simple moving average is $29.03 and its two-hundred day simple moving average is $28.56. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22. Allegro MicroSystems has a 12 month low of $24.66 and a 12 month high of $53.05. The company has a market cap of $5.21 billion, a price-to-earnings ratio of 23.68 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, February 1st. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The business had revenue of $254.98 million for the quarter, compared to the consensus estimate of $255.00 million. Research analysts anticipate that Allegro MicroSystems will post 1.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors have recently bought and sold shares of the stock. FMR LLC raised its holdings in Allegro MicroSystems by 13.8% in the 3rd quarter. FMR LLC now owns 9,234,454 shares of the company’s stock worth $294,948,000 after purchasing an additional 1,121,651 shares during the period. Vanguard Group Inc. raised its holdings in Allegro MicroSystems by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 7,400,125 shares of the company’s stock worth $224,002,000 after purchasing an additional 38,187 shares during the period. BlackRock Inc. raised its holdings in Allegro MicroSystems by 2.1% in the 2nd quarter. BlackRock Inc. now owns 6,004,945 shares of the company’s stock worth $271,063,000 after purchasing an additional 123,151 shares during the period. Invesco Ltd. raised its holdings in Allegro MicroSystems by 4.3% in the 1st quarter. Invesco Ltd. now owns 4,152,293 shares of the company’s stock worth $117,924,000 after purchasing an additional 170,171 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Allegro MicroSystems by 21.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after purchasing an additional 727,535 shares during the period. 56.45% of the stock is owned by institutional investors.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.