Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Analysts at Loop Capital

Loop Capital began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a report published on Tuesday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $30.00 target price on the stock.

ALGM has been the topic of several other research reports. Morgan Stanley initiated coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price on the stock. UBS Group initiated coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research report on Friday, October 18th. Needham & Company LLC dropped their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Barclays reduced their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.80.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $19.07 on Tuesday. The business has a 50-day moving average of $21.66 and a 200-day moving average of $25.44. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The company has a market capitalization of $3.51 billion, a price-to-earnings ratio of -136.21 and a beta of 1.69. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26.

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

Hedge Funds Weigh In On Allegro MicroSystems

Several large investors have recently added to or reduced their stakes in ALGM. Versant Capital Management Inc raised its stake in shares of Allegro MicroSystems by 1,957.1% in the second 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 during the last quarter. GAMMA Investing LLC raised its position in Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after buying an additional 603 shares during the last quarter. KBC Group NV boosted its holdings in Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after acquiring an additional 1,042 shares during the last quarter. CWM LLC boosted its holdings in Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after acquiring an additional 921 shares during the last quarter. Finally, Van ECK Associates Corp bought a new stake in shares of Allegro MicroSystems in the 3rd quarter worth $172,000. Institutional investors own 56.45% of the company’s stock.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.