Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Consensus Rating of “Moderate Buy” from Analysts

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has earned an average recommendation of “Moderate Buy” from the eleven research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $30.09.

A number of analysts have recently issued reports on the company. Morgan Stanley started coverage on Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price for the company. UBS Group assumed coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Loop Capital started coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research report on Friday, October 18th.

Insider Buying and Selling

In related news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction on Monday, November 18th. The stock was bought at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the transaction, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Raymond James & Associates grew its holdings in Allegro MicroSystems by 5.5% during the second quarter. Raymond James & Associates now owns 84,554 shares of the company’s stock valued at $2,388,000 after purchasing an additional 4,380 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Allegro MicroSystems by 18.7% in the second quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock worth $22,735,000 after purchasing an additional 127,094 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Allegro MicroSystems by 62.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,736 shares of the company’s stock worth $557,000 after purchasing an additional 7,622 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Allegro MicroSystems by 0.5% during the 2nd quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company’s stock valued at $61,869,000 after purchasing an additional 11,230 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH acquired a new stake in Allegro MicroSystems in the 2nd quarter valued at approximately $13,120,000. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Trading Up 2.5 %

Shares of NASDAQ ALGM opened at $21.59 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 12 month low of $18.59 and a 12 month high of $33.26. The company has a market cap of $3.97 billion, a price-to-earnings ratio of -154.20 and a beta of 1.67. The business has a fifty day simple moving average of $21.23 and a 200-day simple moving average of $24.02.

Allegro MicroSystems (NASDAQ:ALGM) last released its 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. The business had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The firm’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share.

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.