Analysts Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) Target Price at $30.09

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned a consensus rating of “Moderate Buy” from the eleven brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $30.09.

A number of equities research analysts recently weighed in on the stock. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a report on Friday, October 18th. Needham & Company LLC lowered their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Morgan Stanley began 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. Barclays reduced their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Finally, UBS Group began coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock.

Insider Activity

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction that occurred on 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 in the company, valued at $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in shares of Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares in the last quarter. Prosperity Financial Group Inc. increased its stake in Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after buying an additional 784 shares during the period. CWM LLC raised its position in shares of 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 buying an additional 921 shares in the last quarter. KBC Group NV lifted its stake in shares of Allegro MicroSystems by 40.9% in 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 period. Finally, Versant Capital Management Inc boosted its holdings 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 valued at $33,000 after acquiring an additional 1,096 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

ALGM stock opened at $21.88 on Wednesday. The company has a market cap of $4.03 billion, a PE ratio of -156.27 and a beta of 1.67. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average price of $21.37 and a two-hundred day moving average price of $24.77. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26.

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

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.