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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has received an average rating of “Moderate Buy” from the eight ratings firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $37.44.

A number of research firms have recently weighed in on ALGM. Jefferies Financial Group started coverage on Allegro MicroSystems in a research report on Monday, May 13th. They issued a “buy” rating and a $37.00 price objective for the company. Needham & Company LLC decreased their price objective on Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Barclays lowered their price target on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Evercore ISI started coverage on Allegro MicroSystems in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective on the stock. Finally, TD Cowen lifted their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th.

Allegro MicroSystems Trading Up 3.7 %

Shares of NASDAQ ALGM opened at $30.62 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.48 and a current ratio of 4.85. The business’s 50 day moving average price is $29.20 and its 200-day moving average price is $28.86. Allegro MicroSystems has a fifty-two week low of $23.64 and a fifty-two week high of $53.05. The company has a market cap of $5.93 billion, a price-to-earnings ratio of 39.26 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, May 9th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. The company had revenue of $240.58 million for the quarter, compared to the consensus estimate of $235.00 million. On average, sell-side analysts expect that Allegro MicroSystems will post 0.23 earnings per share for the current year.

Insider Activity

In other Allegro MicroSystems news, Director Richard R. Lury sold 8,500 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $30.00, for a total value of $255,000.00. Following the completion of the transaction, the director now owns 23,001 shares in the company, valued at approximately $690,030. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Large investors have recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Allegro MicroSystems in the 3rd quarter valued at approximately $234,000. Envestnet Asset Management Inc. raised its holdings in shares of Allegro MicroSystems by 51.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company’s stock valued at $3,941,000 after purchasing an additional 41,999 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in Allegro MicroSystems by 12.7% in the 3rd quarter. Treasurer of the State of North Carolina now owns 32,927 shares of the company’s stock valued at $1,052,000 after buying an additional 3,720 shares during the last quarter. Qube Research & Technologies Ltd grew its stake in Allegro MicroSystems by 91.9% in the 3rd quarter. Qube Research & Technologies Ltd now owns 486,871 shares of the company’s stock valued at $15,551,000 after buying an additional 233,225 shares during the last quarter. Finally, Bank of Nova Scotia acquired a new position in Allegro MicroSystems in the 3rd quarter valued at $2,249,000. 56.45% of the stock is currently owned by institutional investors.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.