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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned an average rating of “Buy” from the eight brokerages that are covering the stock, MarketBeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have covered the stock in the last year is $33.88.

Separately, Mizuho increased their price objective on Allegro MicroSystems from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, May 6th.

Shares of ALGM stock traded down $0.11 during trading hours on Friday, hitting $27.29. 2,830 shares of the company were exchanged, compared to its average volume of 874,362. Allegro MicroSystems has a 52 week low of $16.78 and a 52 week high of $34.66. The company has a quick ratio of 2.94, a current ratio of 3.69 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average of $25.78. The stock has a market cap of $5.17 billion and a P/E ratio of 113.42.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Tuesday, May 4th. The company reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.01. The company had revenue of $175.11 million during the quarter, compared to analyst estimates of $167.00 million. During the same period in the previous year, the company posted $1.99 earnings per share. Allegro MicroSystems’s revenue for the quarter was up .3% on a year-over-year basis. As a group, sell-side analysts forecast that Allegro MicroSystems will post 0.56 earnings per share for the current fiscal year.

In other Allegro MicroSystems news, VP Christopher Brown sold 26,250 shares of the stock in a transaction on Thursday, May 27th. The shares were sold at an average price of $26.63, for a total value of $699,037.50. Following the completion of the sale, the vice president now owns 173,370 shares in the company, valued at $4,616,843.10. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Thomas C. Jr. Teebagy sold 93,576 shares of the business’s stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $26.90, for a total transaction of $2,517,194.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 224,033 shares of company stock valued at $5,790,936.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Schroder Investment Management Group lifted its position in shares of Allegro MicroSystems by 12.1% in the first quarter. Schroder Investment Management Group now owns 992,622 shares of the company’s stock valued at $25,163,000 after buying an additional 107,037 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Allegro MicroSystems by 30.8% during the 1st quarter. Principal Financial Group Inc. now owns 1,384,696 shares of the company’s stock valued at $35,102,000 after purchasing an additional 325,894 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Allegro MicroSystems by 708.2% during the 1st quarter. Point72 Asset Management L.P. now owns 614,252 shares of the company’s stock valued at $15,571,000 after purchasing an additional 538,252 shares during the last quarter. Amundi Asset Management US Inc. bought a new position in Allegro MicroSystems during the first quarter worth $299,000. Finally, Morgan Stanley increased its holdings in shares of Allegro MicroSystems by 87,514.9% in the first quarter. Morgan Stanley now owns 636,960 shares of the company’s stock valued at $16,147,000 after purchasing an additional 636,233 shares during the last quarter. 41.13% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc 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, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.

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Analyst Recommendations for Allegro MicroSystems (NASDAQ:ALGM)

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