Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated by Analysts at Evercore ISI

Evercore ISI began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report released on Tuesday morning, Marketbeat reports. The brokerage issued an outperform rating and a $36.00 price objective on the stock.

Other research analysts have also issued research reports about the company. Wolfe Research upgraded Allegro MicroSystems from a peer perform rating to an outperform rating and set a $35.00 price target for the company in a research report on Friday, February 2nd. Needham & Company LLC dropped their target price on Allegro MicroSystems from $44.00 to $40.00 and set a buy rating for the company in a report on Friday, February 2nd. Finally, TD Cowen boosted their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the company an outperform rating in a research report on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $44.50.

Allegro MicroSystems Trading Down 1.2 %

ALGM stock opened at $26.09 on Tuesday. The firm has a fifty day moving average price of $28.79 and a 200 day moving average price of $28.50. Allegro MicroSystems has a fifty-two week low of $24.66 and a fifty-two week high of $53.05. The firm has a market cap of $5.04 billion, a PE ratio of 22.89 and a beta of 1.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, February 1st. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The business had revenue of $254.98 million during the quarter, compared to analyst estimates of $255.00 million. Sell-side analysts anticipate that Allegro MicroSystems will post 1.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. State of Wyoming bought a new stake in shares of Allegro MicroSystems during the 2nd quarter worth approximately $28,000. Harbour Investments Inc. bought a new position in Allegro MicroSystems in the 1st quarter valued at $33,000. GAMMA Investing LLC purchased a new stake in Allegro MicroSystems in the fourth quarter worth $28,000. Castleview Partners LLC bought a new stake in shares of Allegro MicroSystems during the second quarter worth $44,000. Finally, First Capital Advisors Group LLC. purchased a new stake in shares of Allegro MicroSystems during the second quarter valued at $45,000. Institutional investors own 56.45% of the company’s stock.

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.