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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has received a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are covering the firm, 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 12-month price target among brokers that have issued a report on the stock in the last year is $30.91.

Several research firms recently issued reports on ALGM. Loop Capital initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Wells Fargo & Company lifted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Barclays increased their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th.

Allegro MicroSystems Trading Up 0.1 %

Allegro MicroSystems stock opened at $25.02 on Thursday. Allegro MicroSystems has a one year low of $18.59 and a one year high of $33.26. The company’s fifty day moving average price is $22.16 and its two-hundred day moving average price is $23.09. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of -178.70 and a beta of 1.65.

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

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of Allegro MicroSystems stock in a transaction dated Monday, November 18th. The stock was bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ALGM. Westfield Capital Management Co. LP raised its holdings in shares of Allegro MicroSystems by 54.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after buying an additional 711,185 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after purchasing an additional 1,884,578 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. Wellington Management Group LLP bought a new position in Allegro MicroSystems during the 3rd quarter valued at about $71,289,000. Finally, XTX Topco Ltd acquired a new position in Allegro MicroSystems in the second quarter valued at about $856,000. 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.