Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $34.44 Average Price Target from Analysts

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned a consensus recommendation of “Buy” from the eight analysts that are covering the firm, MarketBeat reports. Eight equities research analysts have rated the stock with a buy rating. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $34.50.

A number of equities research analysts recently issued reports on ALGM shares. Needham & Company LLC reissued a “buy” rating and set a $33.00 price target on shares of Allegro MicroSystems in a research report on Friday, August 2nd. UBS Group started coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock.

Insider Buying and Selling at Allegro MicroSystems

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total value of $232,001,015.40. Following the sale, the insider now directly owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after acquiring an additional 999,939 shares during the last quarter. Clearbridge Investments LLC raised its holdings in Allegro MicroSystems by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock worth $100,595,000 after purchasing an additional 235,335 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Allegro MicroSystems by 0.5% in the 2nd quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company’s stock worth $61,869,000 after purchasing an additional 11,230 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Allegro MicroSystems by 15.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock valued at $60,673,000 after purchasing an additional 285,747 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Allegro MicroSystems by 45.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock worth $36,207,000 after buying an additional 397,681 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Up 3.5 %

ALGM opened at $21.25 on Tuesday. The stock has a fifty day moving average of $22.89 and a 200-day moving average of $26.49. The company has a market capitalization of $4.12 billion, a P/E ratio of 55.92 and a beta of 1.67. Allegro MicroSystems has a fifty-two week low of $19.82 and a fifty-two week high of $33.26. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.98 and a current ratio of 4.65.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. During the same quarter in the previous year, the firm posted $0.34 EPS. The business’s revenue for the quarter was down 40.0% compared to the same quarter last year. On average, equities analysts expect that Allegro MicroSystems will post 0.16 EPS for the current year.

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.