Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $30.09 Consensus Price Target from Analysts

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has received a consensus rating of “Moderate Buy” from the eleven research firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $30.09.

Several brokerages recently weighed in on ALGM. Loop Capital assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price for the company. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a report on Friday, October 18th. Needham & Company LLC reduced their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Barclays lowered their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Finally, Wells Fargo & Company assumed coverage on Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 price target for the company.

Insider Transactions at Allegro MicroSystems

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ALGM. Vanguard Group Inc. lifted its stake in shares of Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after purchasing an additional 999,939 shares in the last quarter. Toronto Dominion Bank purchased a new position in Allegro MicroSystems in the 1st quarter worth approximately $290,000. Price T Rowe Associates Inc. MD grew its position in Allegro MicroSystems by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,818 shares of the company’s stock valued at $993,000 after acquiring an additional 2,353 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Allegro MicroSystems by 82.9% in the 1st quarter. Janus Henderson Group PLC now owns 414,427 shares of the company’s stock worth $11,173,000 after buying an additional 187,808 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after acquiring an additional 603 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 1.2 %

Shares of ALGM opened at $21.73 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of -155.21 and a beta of 1.69. The firm has a 50 day simple moving average of $21.36 and a 200-day simple moving average of $24.83.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping 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 company had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. During the same quarter last year, the business posted $0.36 earnings per share. Allegro MicroSystems’s revenue was down 32.0% compared to the same quarter last 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.