Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $26.57.

A number of brokerages recently commented on ALGM. Mizuho upped their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. UBS Group increased their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Barclays increased their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Morgan Stanley increased their target price on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 9th. Finally, Needham & Company LLC decreased their price target on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, May 9th.

Allegro MicroSystems Stock Down 4.1%

Shares of Allegro MicroSystems stock opened at $28.65 on Friday. The stock has a market capitalization of $5.30 billion, a P/E ratio of -81.86 and a beta of 1.67. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average price of $23.40 and a two-hundred day moving average price of $23.76. Allegro MicroSystems has a 12-month low of $16.38 and a 12-month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $185.35 million. During the same quarter in the prior year, the business earned $0.25 earnings per share. The company’s revenue was down 19.9% on a year-over-year basis. Equities analysts expect that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp raised its position in shares of Allegro MicroSystems by 63.7% during the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock worth $33,000 after purchasing an additional 504 shares during the period. UMB Bank n.a. grew its stake in Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock valued at $36,000 after purchasing an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. bought a new position in shares of Allegro MicroSystems during the 4th quarter worth approximately $40,000. Venturi Wealth Management LLC bought a new position in shares of Allegro MicroSystems during the 4th quarter worth approximately $47,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Allegro MicroSystems during the 1st quarter worth approximately $71,000. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Company Profile

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.