Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Average Rating of “Buy” by Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Rating) have received a consensus rating of “Buy” from the seven analysts that are covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have covered the stock in the last year is $30.80.

ALGM has been the topic of a number of research analyst reports. Mizuho lowered their price target on Allegro MicroSystems from $42.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, October 28th. TheStreet raised Allegro MicroSystems from a “c” rating to a “b-” rating in a report on Wednesday, November 16th. Finally, Needham & Company LLC raised their price target on Allegro MicroSystems from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, October 27th.

Insider Activity at Allegro MicroSystems

In related news, Director Joseph R. Martin sold 16,349 shares of the firm’s stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $25.92, for a total transaction of $423,766.08. Following the completion of the transaction, the director now owns 35,536 shares of the company’s stock, valued at $921,093.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Michael Doogue sold 9,059 shares of the stock in a transaction on Monday, November 14th. The stock was sold at an average price of $28.76, for a total value of $260,536.84. Following the completion of the transaction, the senior vice president now owns 182,995 shares in the company, valued at approximately $5,262,936.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph R. Martin sold 16,349 shares of the stock in a transaction on Friday, November 4th. The shares were sold at an average price of $25.92, for a total value of $423,766.08. Following the completion of the transaction, the director now owns 35,536 shares of the company’s stock, valued at approximately $921,093.12. The disclosure for this sale can be found here. Insiders sold 52,073 shares of company stock valued at $1,452,522 over the last 90 days. 13.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. boosted its position in shares of Allegro MicroSystems by 201.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock valued at $33,000 after purchasing an additional 774 shares during the period. Signaturefd LLC boosted its position in Allegro MicroSystems by 134.1% during the 3rd quarter. Signaturefd LLC now owns 1,365 shares of the company’s stock worth $30,000 after acquiring an additional 782 shares during the period. CWM LLC boosted its position in Allegro MicroSystems by 3,469.2% during the 2nd quarter. CWM LLC now owns 1,392 shares of the company’s stock worth $29,000 after acquiring an additional 1,353 shares during the period. Assetmark Inc. boosted its position in Allegro MicroSystems by 145.3% during the 2nd quarter. Assetmark Inc. now owns 1,874 shares of the company’s stock worth $39,000 after acquiring an additional 1,110 shares during the period. Finally, US Bancorp DE boosted its position in Allegro MicroSystems by 981.5% during the 1st quarter. US Bancorp DE now owns 2,455 shares of the company’s stock worth $70,000 after acquiring an additional 2,228 shares during the period. Institutional investors and hedge funds own 46.10% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $31.56 on Friday. The firm has a market capitalization of $6.04 billion, a price-to-earnings ratio of 51.74 and a beta of 1.65. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.96 and a current ratio of 4.84. Allegro MicroSystems has a one year low of $19.20 and a one year high of $38.28. The stock’s fifty day moving average is $24.21 and its 200-day moving average is $23.57.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last issued its quarterly earnings results on Thursday, October 27th. The company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. The company had revenue of $237.70 million for the quarter, compared to analyst estimates of $225.03 million. Allegro MicroSystems had a return on equity of 16.87% and a net margin of 14.87%. The company’s quarterly revenue was up 22.8% compared to the same quarter last year. During the same period last year, the company earned $0.17 earnings per share. Equities analysts anticipate that Allegro MicroSystems will post 0.9 EPS for the current year.

Allegro MicroSystems Company Profile

(Get Rating)

Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.

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Analyst Recommendations for Allegro MicroSystems (NASDAQ:ALGM)

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