Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has received an average recommendation of “Moderate Buy” from the eight brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $34.63.

ALGM has been the topic of several research analyst reports. Evercore ISI initiated coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective on the stock. TD Cowen boosted their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Jefferies Financial Group initiated coverage on Allegro MicroSystems in a report on Monday, May 13th. They issued a “buy” rating and a $37.00 price objective on the stock. Mizuho cut their price target on Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Finally, Needham & Company LLC cut their price target on Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, May 10th.

Allegro MicroSystems Price Performance

NASDAQ:ALGM opened at $23.75 on Thursday. Allegro MicroSystems has a 52 week low of $23.64 and a 52 week high of $52.26. The company has a quick ratio of 3.48, a current ratio of 4.85 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $4.61 billion, a P/E ratio of 30.45 and a beta of 1.68. The stock’s fifty day moving average is $29.20 and its two-hundred day moving average is $28.84.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, May 9th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. The company had revenue of $240.58 million for the quarter, compared to the consensus estimate of $235.00 million. Equities analysts expect that Allegro MicroSystems will post 0.23 EPS for the current year.

Insider Activity at Allegro MicroSystems

In related news, Director Richard R. Lury sold 8,500 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $30.00, for a total value of $255,000.00. Following the completion of the sale, the director now directly owns 23,001 shares of the company’s stock, valued at approximately $690,030. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

A number of large investors have recently made changes to their positions in the company. Treasurer of the State of North Carolina boosted its position in shares of Allegro MicroSystems by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 33,247 shares of the company’s stock valued at $1,006,000 after purchasing an additional 320 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its stake in Allegro MicroSystems by 14.7% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,051 shares of the company’s stock valued at $94,000 after acquiring an additional 390 shares during the last quarter. State of Michigan Retirement System raised its stake in Allegro MicroSystems by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock valued at $472,000 after acquiring an additional 400 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Allegro MicroSystems by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock valued at $64,000 after acquiring an additional 425 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel raised its stake in Allegro MicroSystems by 28.5% during the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company’s stock valued at $70,000 after acquiring an additional 502 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

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.