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

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have received an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $34.44.

A number of equities research analysts have issued reports on ALGM shares. Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 target price on shares of Allegro MicroSystems in a research report on Friday, August 2nd. TD Cowen upped their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, UBS Group started coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company.

Insider Activity at Allegro MicroSystems

In other news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $23.16, for a total transaction of $665,850,000.00. Following the sale, the insider now owns 69,750,097 shares of the company’s stock, valued at approximately $1,615,412,246.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc boosted its position in shares of Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after acquiring an additional 1,096 shares in the last quarter. Pineridge Advisors LLC acquired a new stake in Allegro MicroSystems during the fourth quarter valued at approximately $49,000. GAMMA Investing LLC grew its stake in shares of Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares during the period. Quadrant Capital Group LLC lifted its position in shares of Allegro MicroSystems by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after buying an additional 425 shares during the period. Finally, TFO Wealth Partners LLC boosted its stake in Allegro MicroSystems by 26,361.5% in the 4th quarter. TFO Wealth Partners LLC now owns 3,440 shares of the company’s stock valued at $104,000 after buying an additional 3,427 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

ALGM stock opened at $23.79 on Friday. The firm has a 50 day moving average of $24.68 and a two-hundred day moving average of $27.28. Allegro MicroSystems has a 12 month low of $20.42 and a 12 month high of $33.42. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of 30.50 and a beta of 1.68. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm had revenue of $166.90 million for the quarter, compared to the consensus estimate of $165.04 million. During the same period in the prior year, the business posted $0.34 earnings per share. The business’s quarterly revenue was down 40.0% on a year-over-year basis. As a group, equities analysts anticipate that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

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.