Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $34.44 Average Price Target from Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have received an average rating of “Buy” from the eight ratings firms that are covering the firm, MarketBeat.com reports. Eight investment analysts have rated the stock with a buy recommendation. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $34.50.

A number of analysts recently commented on ALGM shares. UBS Group started coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $33.00 target price on shares of Allegro MicroSystems in a research note on Friday, August 2nd.

Allegro MicroSystems Trading Up 3.5 %

NASDAQ:ALGM opened at $21.25 on Tuesday. Allegro MicroSystems has a 12 month low of $19.82 and a 12 month high of $33.26. The company has a current ratio of 4.65, a quick ratio of 2.98 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of 55.92 and a beta of 1.67. The firm has a fifty day simple moving average of $22.89 and a two-hundred day simple moving average of $26.49.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. The business had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. Allegro MicroSystems’s revenue was down 40.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.34 EPS. Analysts expect that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

Insider Activity at Allegro MicroSystems

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of Allegro MicroSystems stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the completion of the transaction, the insider now directly owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc lifted its stake in Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares in the last quarter. Pineridge Advisors LLC bought a new position in shares of Allegro MicroSystems in the fourth quarter worth $49,000. GAMMA Investing LLC raised its position 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 buying an additional 603 shares in the last quarter. CWM LLC boosted its stake in Allegro MicroSystems by 27.7% during the second quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after buying an additional 921 shares during the period. Finally, Oppenheimer Asset Management Inc. purchased a new position in Allegro MicroSystems during the second quarter worth about $211,000. Hedge funds and other institutional investors 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.