Allegro MicroSystems (NASDAQ:ALGM) Research Coverage Started at Loop Capital

Loop Capital started coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report sent to investors on Tuesday, MarketBeat reports. The firm issued a buy rating and a $30.00 price target on the stock.

Several other research firms have also commented on ALGM. UBS Group began coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. Needham & Company LLC dropped 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. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective on the stock. Finally, Barclays dropped their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.80.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $19.83 on Tuesday. The stock has a market cap of $3.65 billion, a PE ratio of -143.06 and a beta of 1.69. The company’s fifty day moving average is $21.76 and its 200 day moving average is $25.56. Allegro MicroSystems has a 52 week low of $19.71 and a 52 week high of $33.26. 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 (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share (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 revenue for the quarter was down 32.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 earnings per share.

Institutional Trading of Allegro MicroSystems

A number of institutional investors have recently modified their holdings of the company. Circle Wealth Management LLC boosted its holdings in shares of Allegro MicroSystems by 204.1% in the 3rd quarter. Circle Wealth Management LLC now owns 22,561 shares of the company’s stock valued at $525,000 after buying an additional 15,142 shares in the last quarter. Verition Fund Management LLC boosted its stake in Allegro MicroSystems by 34.6% in the 3rd quarter. Verition Fund Management LLC now owns 55,532 shares of the company’s stock worth $1,294,000 after purchasing an additional 14,284 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Allegro MicroSystems by 7.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 194,322 shares of the company’s stock worth $4,528,000 after purchasing an additional 14,094 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Allegro MicroSystems by 58.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,292 shares of the company’s stock worth $729,000 after purchasing an additional 11,556 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Allegro MicroSystems by 111.6% in the 3rd quarter. MetLife Investment Management LLC now owns 79,763 shares of the company’s stock worth $1,858,000 after purchasing an additional 42,068 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.

About Allegro MicroSystems

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.