Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Consensus Rating of “Buy” from Brokerages

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has received a consensus recommendation of “Buy” from the eight brokerages that are presently covering the firm, MarketBeat reports. Eight equities research analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have covered the stock in the last year is $32.13.

Several equities research analysts have issued reports on ALGM shares. Mizuho set a $26.00 price target on Allegro MicroSystems in a report on Friday, October 18th. Barclays dropped their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday. UBS Group began coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target for the company. Finally, Needham & Company LLC dropped their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday.

Insider Transactions at Allegro MicroSystems

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the completion of the transaction, the insider now owns 59,732,782 shares in the company, valued at $1,383,411,231.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its position in shares of Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after acquiring an additional 1,096 shares during the period. GAMMA Investing LLC lifted its stake in Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares during the last quarter. CWM LLC grew its holdings in Allegro MicroSystems by 27.7% during the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after purchasing an additional 921 shares during the period. Van ECK Associates Corp acquired a new position in Allegro MicroSystems during the third quarter worth approximately $172,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Allegro MicroSystems in the second quarter valued at approximately $211,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM opened at $21.10 on Friday. Allegro MicroSystems has a twelve month low of $19.71 and a twelve month high of $33.26. The firm has a market cap of $4.09 billion, a PE ratio of 55.53 and a beta of 1.67. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.98 and a current ratio of 4.65. The business has a fifty day moving average of $22.24 and a 200-day moving average of $25.93.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data 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. The firm had revenue of $166.90 million for the quarter, compared to analysts’ expectations of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The business’s revenue for the quarter was down 40.0% on a year-over-year basis. During the same period last year, the firm earned $0.34 earnings per share. On average, equities research analysts predict that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

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