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

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been given an average recommendation of “Moderate Buy” by the twelve brokerages that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $45.00.

A number of analysts recently commented on the company. Bank of America increased their price target on Allegro MicroSystems from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Allegro MicroSystems in a research note on Monday, December 29th. Jefferies Financial Group reiterated a “buy” rating and set a $45.00 target price on shares of Allegro MicroSystems in a research note on Thursday, February 19th. TD Cowen increased their price target on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Finally, Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, January 18th.

Institutional Investors Weigh In On Allegro MicroSystems

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

Allegro MicroSystems Stock Up 0.8%

Allegro MicroSystems stock opened at $31.38 on Tuesday. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $43.86. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.39 and a current ratio of 3.65. The firm’s 50-day simple moving average is $35.61 and its 200 day simple moving average is $30.82. The stock has a market cap of $5.81 billion, a PE ratio of -392.25 and a beta of 1.64.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The firm had revenue of $229.21 million during the quarter, compared to analyst estimates of $220.78 million. During the same quarter last year, the business posted $0.07 EPS. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. Research analysts predict that Allegro MicroSystems will post 0.01 EPS for the current fiscal 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.