Evercore ISI Initiates Coverage on Allegro MicroSystems (NASDAQ:ALGM)

Evercore ISI initiated coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report issued on Tuesday, MarketBeat reports. The brokerage set an “outperform” rating and a $36.00 price target on the stock. Evercore ISI’s price objective would indicate a potential upside of 32.45% from the stock’s current price.

ALGM has been the subject of a number of other reports. Wolfe Research raised shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a report on Friday, February 2nd. TD Cowen raised their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Finally, Needham & Company LLC dropped their target price on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.50.

Allegro MicroSystems Price Performance

Shares of Allegro MicroSystems stock opened at $27.18 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. Allegro MicroSystems has a fifty-two week low of $24.66 and a fifty-two week high of $53.05. The firm has a fifty day moving average price of $28.98 and a two-hundred day moving average price of $28.55. The company has a market cap of $5.25 billion, a PE ratio of 23.84 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, February 1st. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $254.98 million during the quarter, compared to the consensus estimate of $255.00 million. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. Analysts expect that Allegro MicroSystems will post 1.13 EPS for the current year.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds have recently made changes to their positions in the company. State of Wyoming acquired a new stake in shares of Allegro MicroSystems during the 2nd quarter worth about $28,000. Harbour Investments Inc. acquired a new stake in Allegro MicroSystems in the 1st quarter valued at about $33,000. GAMMA Investing LLC acquired a new stake in Allegro MicroSystems in the 4th quarter valued at about $28,000. Castleview Partners LLC acquired a new stake in Allegro MicroSystems in the 2nd quarter valued at about $44,000. Finally, First Capital Advisors Group LLC. acquired a new stake in Allegro MicroSystems in the 2nd quarter valued at about $45,000. 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.