Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Average Recommendation of “Moderate Buy” by Analysts

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been given an average recommendation of “Moderate Buy” by the eleven analysts that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $30.45.

Several equities analysts recently issued reports on ALGM shares. Wells Fargo & Company upped their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday. Needham & Company LLC lowered their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Barclays reduced their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Loop Capital started coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price target for the company.

Insider Buying and Selling at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the transaction, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors have recently bought and sold shares of the business. KBC Group NV boosted its stake in shares of Allegro MicroSystems by 40.9% in the third 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 period. Van ECK Associates Corp purchased a new stake in shares of Allegro MicroSystems in the third quarter worth about $172,000. Oppenheimer Asset Management Inc. bought a new position in shares of Allegro MicroSystems during the 2nd quarter valued at approximately $211,000. Intech Investment Management LLC bought a new position in Allegro MicroSystems during the third quarter valued at $214,000. Finally, nVerses Capital LLC purchased a new stake in shares of Allegro MicroSystems during the 3rd quarter valued at about $231,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $23.40 on Thursday. The business has a fifty day moving average price of $21.77 and a 200-day moving average price of $23.27. 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 $4.31 billion, a PE ratio of -167.13 and a beta of 1.65. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its 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. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The business had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. During the same period in the previous year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was down 32.0% compared to the same quarter last year.

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.