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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has earned a consensus rating of “Moderate Buy” from the eleven research firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $30.09.

Several equities research analysts recently weighed in on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a report on Friday, October 18th. UBS Group started coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock. Loop Capital began coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price for the company. Morgan Stanley initiated coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target on the stock. Finally, Needham & Company LLC cut their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $22.29 on Friday. The company has a 50-day moving average price of $21.38 and a two-hundred day moving average price of $23.74. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of -159.20 and a beta of 1.67. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The firm had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. During the same period last year, the firm earned $0.36 EPS. The firm’s revenue was down 32.0% compared to the same quarter last year.

Insider Activity

In related news, SVP Michael Doogue acquired 15,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were purchased at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ALGM. KBC Group NV boosted its stake in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the period. Van ECK Associates Corp acquired a new stake in shares of Allegro MicroSystems in the third quarter worth $172,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Allegro MicroSystems in the second quarter worth $211,000. Intech Investment Management LLC purchased a new position in shares of Allegro MicroSystems during the third quarter valued at $214,000. Finally, nVerses Capital LLC acquired a new position in Allegro MicroSystems during the third quarter valued at $231,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

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