Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research note issued to investors on Thursday morning, Marketbeat.com reports. The brokerage issued an equal weight rating and a $21.00 target price on the stock.

Several other research firms also recently issued reports on ALGM. UBS Group assumed coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research report on Friday, October 18th. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Finally, Barclays dropped their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.89.

Allegro MicroSystems Trading Down 1.9 %

Shares of ALGM stock traded down $0.42 on Thursday, reaching $21.74. 239,237 shares of the stock were exchanged, compared to its average volume of 1,930,776. Allegro MicroSystems has a one year low of $19.71 and a one year high of $33.26. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The stock has a market cap of $4.00 billion, a PE ratio of -158.27 and a beta of 1.69. The stock has a 50 day moving average price of $21.99 and a 200 day moving average price of $25.78.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. Allegro MicroSystems’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS. Equities research analysts forecast that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

Institutional Trading of Allegro MicroSystems

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Allegro MicroSystems by 13.5% during the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after acquiring an additional 999,939 shares in the last quarter. Bamco Inc. NY boosted its holdings in shares of Allegro MicroSystems by 477.6% during the first quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock valued at $18,031,000 after acquiring an additional 553,016 shares during the period. Silvercrest Asset Management Group LLC lifted its holdings in Allegro MicroSystems by 363.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock worth $17,053,000 after purchasing an additional 495,935 shares during the period. Fort Washington Investment Advisors Inc. OH acquired a new stake in Allegro MicroSystems in the 2nd quarter valued at about $13,120,000. Finally, Dimensional Fund Advisors LP raised its holdings in Allegro MicroSystems by 45.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock worth $36,207,000 after buying an additional 397,681 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

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.