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

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been given a consensus recommendation of “Moderate Buy” by the twelve research firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $45.00.

Several brokerages have issued reports on ALGM. Wells Fargo & Company boosted their target price on Allegro MicroSystems from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. Evercore boosted their price objective on Allegro MicroSystems from $37.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Barclays increased their target price on Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. UBS Group lifted their target price on Allegro MicroSystems from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $45.00 price target on shares of Allegro MicroSystems in a report on Thursday.

Institutional Trading of Allegro MicroSystems

Institutional investors and hedge funds have recently modified their holdings of the stock. Hantz Financial Services Inc. grew its stake in Allegro MicroSystems by 86.9% in the third quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock worth $26,000 after purchasing an additional 419 shares in the last quarter. Quent Capital LLC purchased a new stake in shares of Allegro MicroSystems in the 3rd quarter worth $28,000. Kestra Advisory Services LLC bought a new position in shares of Allegro MicroSystems during the 4th quarter worth $34,000. CIBC Private Wealth Group LLC increased its stake in shares of Allegro MicroSystems by 14,844.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock valued at $35,000 after buying an additional 1,336 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Allegro MicroSystems by 85.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock valued at $38,000 after acquiring an additional 669 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Down 6.0%

ALGM stock opened at $36.26 on Friday. Allegro MicroSystems has a twelve month low of $16.38 and a twelve month high of $43.86. The stock has a market capitalization of $6.72 billion, a price-to-earnings ratio of -453.25 and a beta of 1.63. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30. The firm’s fifty day simple moving average is $32.89 and its two-hundred day simple moving average is $30.40.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The firm had revenue of $229.21 million during the quarter, compared to analysts’ expectations of $220.78 million. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.07 EPS. As a group, analysts anticipate that Allegro MicroSystems will post 0.01 earnings per share for the current year.

About Allegro MicroSystems

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.