Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have earned a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $30.00.

Several equities research analysts have recently weighed in on the company. Morgan Stanley increased their price objective on Allegro MicroSystems from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, June 9th. Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a report on Friday, May 9th. Bank of America started coverage on shares of Allegro MicroSystems in a research report on Monday. They issued a “buy” rating and a $38.00 price target on the stock. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $33.00 price target (up previously from $26.00) on shares of Allegro MicroSystems in a report on Monday. Finally, Mizuho lifted their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, March 24th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp raised its holdings in shares of Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock worth $33,000 after buying an additional 504 shares in the last quarter. UMB Bank n.a. grew its position in Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock valued at $36,000 after acquiring an additional 578 shares during the period. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems during the fourth quarter worth $40,000. Venturi Wealth Management LLC acquired a new position in Allegro MicroSystems during the fourth quarter worth $47,000. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Allegro MicroSystems during the first quarter valued at $71,000. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Up 1.1%

Allegro MicroSystems stock opened at $31.07 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $33.26. The firm has a fifty day moving average price of $24.14 and a two-hundred day moving average price of $24.00. The firm has a market cap of $5.74 billion, a price-to-earnings ratio of -79.66 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The business had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $185.35 million. During the same quarter in the previous year, the firm earned $0.25 EPS. The firm’s revenue was down 19.9% compared to the same quarter last year. As a group, analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current year.

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.