Allegro MicroSystems (NASDAQ:ALGM) Updates Q1 Earnings Guidance

Allegro MicroSystems (NASDAQ:ALGM) issued an update on its first quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.01-$0.03 for the period, compared to the consensus estimate of $0.17. The company issued revenue guidance of $160-$170 million, compared to the consensus revenue estimate of $213.50 million.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $29.36 on Thursday. The stock has a market cap of $5.67 billion, a P/E ratio of 25.75 and a beta of 1.72. Allegro MicroSystems has a twelve month low of $24.66 and a twelve month high of $53.05. The stock has a 50 day moving average of $28.29 and a two-hundred day moving average of $28.39. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22.

Analyst Ratings Changes

Several equities analysts recently issued reports on ALGM shares. TD Cowen boosted their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the company an outperform rating in a research report on Friday, February 2nd. 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 note on Friday, February 2nd. Needham & Company LLC lowered their price objective on shares of Allegro MicroSystems from $44.00 to $40.00 and set a buy rating on the stock in a research report on Friday, February 2nd. Finally, Evercore ISI started coverage on shares of Allegro MicroSystems in a research report on Tuesday, April 16th. They set an outperform rating and a $36.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Allegro MicroSystems presently has a consensus rating of Moderate Buy and a consensus target price of $44.50.

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.