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

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have earned a consensus rating of “Moderate Buy” from the nine analysts that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $34.44.

Several equities research analysts recently commented on ALGM shares. Needham & Company LLC reissued a “buy” rating and set a $33.00 target price on shares of Allegro MicroSystems in a report on Friday, August 2nd. UBS Group assumed coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Finally, TD Cowen boosted their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th.

Allegro MicroSystems Trading Up 2.6 %

NASDAQ:ALGM opened at $23.79 on Friday. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 30.50 and a beta of 1.68. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.98 and a current ratio of 4.65. Allegro MicroSystems has a 1 year low of $20.42 and a 1 year high of $33.42. The business has a fifty day moving average of $24.68 and a 200-day moving average of $27.28.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm had revenue of $166.90 million during the quarter, compared to analyst estimates of $165.04 million. During the same quarter in the prior year, the firm posted $0.34 EPS. Allegro MicroSystems’s revenue was down 40.0% compared to the same quarter last year. Equities analysts predict that Allegro MicroSystems will post 0.16 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $23.16, for a total value of $665,850,000.00. Following the transaction, the insider now directly owns 69,750,097 shares of the company’s stock, valued at $1,615,412,246.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc boosted its holdings in shares of Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares during the period. Pineridge Advisors LLC acquired a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $49,000. GAMMA Investing LLC grew its holdings in shares of Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after acquiring an additional 603 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of Allegro MicroSystems by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after acquiring an additional 425 shares during the last quarter. Finally, TFO Wealth Partners LLC raised its holdings in shares of Allegro MicroSystems by 26,361.5% during the fourth quarter. TFO Wealth Partners LLC now owns 3,440 shares of the company’s stock worth $104,000 after acquiring an additional 3,427 shares in the last quarter. Hedge funds and other 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.