Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $30.45 Average PT from Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned an average rating of “Moderate Buy” from the eleven brokerages that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $30.91.

Several equities analysts recently issued reports on ALGM shares. Mizuho set a $26.00 price target on Allegro MicroSystems in a report on Friday, October 18th. Loop Capital began coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Barclays raised their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Wells Fargo & Company upped their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Finally, Morgan Stanley assumed coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective for the company.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was 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 owns 246,086 shares in the company, valued at $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. lifted its position in Allegro MicroSystems by 14.5% in the 4th quarter. Pacer Advisors Inc. now owns 59,366 shares of the company’s stock valued at $1,298,000 after acquiring an additional 7,514 shares in the last quarter. KBC Group NV lifted its holdings in shares of Allegro MicroSystems by 522.1% in the fourth quarter. KBC Group NV now owns 22,335 shares of the company’s stock valued at $488,000 after purchasing an additional 18,745 shares in the last quarter. Avior Wealth Management LLC boosted its position in shares of Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after buying an additional 737 shares during the period. Oak Thistle LLC bought a new position in shares of Allegro MicroSystems during the fourth quarter worth about $649,000. Finally, JPMorgan Chase & Co. lifted its stake in 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 acquiring an additional 1,884,578 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of ALGM stock opened at $25.02 on Thursday. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26. The stock has a market capitalization of $4.60 billion, a PE ratio of -178.70 and a beta of 1.65. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. The stock’s fifty day moving average is $22.16 and its 200-day moving average is $23.09.

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

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.