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

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have earned a consensus rating of “Moderate Buy” from the eleven analysts that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $30.09.

A number of brokerages have weighed in on ALGM. Loop Capital assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price for the company. Wells Fargo & Company began coverage on Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 target price on the stock. Mizuho set a $26.00 price target on Allegro MicroSystems in a report on Friday, October 18th. Needham & Company LLC dropped their price target 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. Finally, UBS Group started coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price for the company.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. This represents a 6.49 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALGM. FMR LLC raised its stake in Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after acquiring an additional 8,534,089 shares during the period. State Street Corp boosted its holdings in Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after buying an additional 1,615,351 shares during the period. Wellington Management Group LLP purchased a new stake in Allegro MicroSystems in the 3rd quarter worth $71,289,000. Geode Capital Management LLC lifted its position in shares of Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after acquiring an additional 1,187,792 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock worth $58,244,000 after acquiring an additional 308,943 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Trading Down 0.4 %

ALGM opened at $22.26 on Friday. The company has a quick ratio of 2.80, a current ratio of 4.22 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. The stock has a market cap of $4.10 billion, a PE ratio of -158.99 and a beta of 1.67. The business has a 50 day moving average of $21.25 and a 200-day moving average of $23.90.

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

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.