Allegro MicroSystems (NASDAQ:ALGM) Receives New Coverage from Analysts at Evercore ISI

Evercore ISI started coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a report issued on Tuesday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $36.00 target price on the stock.

A number of other analysts also recently issued reports on the stock. TD Cowen lifted their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an outperform rating in a report on Friday, February 2nd. Needham & Company LLC dropped their price target on Allegro MicroSystems from $44.00 to $40.00 and set a buy rating for the company in a research note on Friday, February 2nd. Finally, Wolfe Research upgraded Allegro MicroSystems from a peer perform rating to an outperform rating and set a $35.00 price objective on the stock in a research report on Friday, February 2nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $44.50.

Allegro MicroSystems Trading Down 1.2 %

Shares of ALGM stock opened at $26.09 on Tuesday. The company has a market capitalization of $5.04 billion, a PE ratio of 22.89 and a beta of 1.82. Allegro MicroSystems has a 52-week low of $24.66 and a 52-week high of $53.05. The business’s fifty day moving average is $28.79 and its 200 day moving average is $28.50. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The business had revenue of $254.98 million for the quarter, compared to analyst estimates of $255.00 million. On average, equities research analysts anticipate that Allegro MicroSystems will post 1.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. State of Wyoming bought a new stake in shares of Allegro MicroSystems in the 2nd quarter valued at about $28,000. Harbour Investments Inc. purchased a new position in Allegro MicroSystems in the 1st quarter worth approximately $33,000. GAMMA Investing LLC bought a new stake in Allegro MicroSystems in the fourth quarter valued at approximately $28,000. Castleview Partners LLC purchased a new stake in shares of Allegro MicroSystems during the second quarter valued at approximately $44,000. Finally, First Capital Advisors Group LLC. purchased a new stake in shares of Allegro MicroSystems during the second quarter valued at approximately $45,000. 56.45% of the stock is 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.