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

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have received an average rating of “Moderate Buy” from the eight analysts that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $34.63.

A number of research analysts recently issued reports on the stock. TD Cowen raised their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Evercore ISI assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 target price on the stock. Jefferies Financial Group began coverage on shares of Allegro MicroSystems in a research note on Monday, May 13th. They issued a “buy” rating and a $37.00 target price on the stock. Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating for the company in a report on Friday, May 10th. Finally, Mizuho reduced their price target on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a report on Friday, May 10th.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $23.75 on Thursday. The company’s fifty day moving average is $29.20 and its 200-day moving average is $28.84. Allegro MicroSystems has a 12 month low of $23.64 and a 12 month high of $52.26. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of 30.45 and a beta of 1.68. The company has a quick ratio of 3.48, a current ratio of 4.85 and a debt-to-equity ratio of 0.22.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, May 9th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. Allegro MicroSystems had a net margin of 14.55% and a return on equity of 20.67%. The business had revenue of $240.58 million for the quarter, compared to analyst estimates of $235.00 million. Equities analysts expect that Allegro MicroSystems will post 0.23 EPS for the current fiscal year.

Insider Activity

In other news, Director Richard R. Lury sold 8,500 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $30.00, for a total value of $255,000.00. Following the completion of the transaction, the director now owns 23,001 shares of the company’s stock, valued at $690,030. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Institutional Trading of Allegro MicroSystems

Several large investors have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its stake in Allegro MicroSystems by 0.5% during the 2nd quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company’s stock valued at $61,869,000 after acquiring an additional 11,230 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Allegro MicroSystems by 62.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,736 shares of the company’s stock valued at $557,000 after acquiring an additional 7,622 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Allegro MicroSystems by 18.7% in the second quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock worth $22,735,000 after buying an additional 127,094 shares in the last quarter. Raymond James & Associates boosted its stake in Allegro MicroSystems by 5.5% in the second quarter. Raymond James & Associates now owns 84,554 shares of the company’s stock worth $2,388,000 after buying an additional 4,380 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Allegro MicroSystems by 6.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 36,447 shares of the company’s stock worth $1,029,000 after buying an additional 2,053 shares in the last quarter. Institutional investors and hedge funds 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.