Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated at Cowen

Cowen assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGMGet Rating) in a report published on Wednesday, Marketbeat.com reports. The brokerage issued an outperform rating and a $30.00 price target on the stock.

Several other equities analysts have also commented on the company. Mizuho lowered their price objective on Allegro MicroSystems from $44.00 to $42.00 in a research report on Wednesday, May 11th. Cowen initiated coverage on Allegro MicroSystems in a report on Wednesday. They set an outperform rating for the company. Zacks Investment Research upgraded Allegro MicroSystems from a hold rating to a buy rating and set a $26.00 price target for the company in a report on Thursday, May 19th. Finally, Barclays reduced their price target on Allegro MicroSystems from $35.00 to $31.00 and set an overweight rating for the company in a report on Monday, April 25th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Allegro MicroSystems presently has an average rating of Buy and an average target price of $35.29.

Shares of ALGM stock opened at $25.55 on Wednesday. The stock has a fifty day moving average of $25.37 and a 200 day moving average of $28.66. Allegro MicroSystems has a 52 week low of $21.91 and a 52 week high of $38.28. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 41.89 and a beta of 1.61. The company has a quick ratio of 4.08, a current ratio of 4.91 and a debt-to-equity ratio of 0.03.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last announced its quarterly earnings data on Monday, May 9th. The company reported $0.21 EPS for the quarter, meeting the consensus estimate of $0.21. The business had revenue of $200.30 million during the quarter, compared to analyst estimates of $195.18 million. Allegro MicroSystems had a return on equity of 18.12% and a net margin of 16.38%. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 earnings per share. Equities research analysts anticipate that Allegro MicroSystems will post 0.88 earnings per share for the current year.

In related news, Director Joseph R. Martin sold 8,278 shares of Allegro MicroSystems stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $24.17, for a total value of $200,079.26. Following the completion of the sale, the director now directly owns 43,522 shares in the company, valued at approximately $1,051,926.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Doogue sold 7,500 shares of Allegro MicroSystems stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $29.04, for a total value of $217,800.00. The disclosure for this sale can be found here. 26.90% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. grew its stake in shares of Allegro MicroSystems by 32.2% during the 1st quarter. Advisors Asset Management Inc. now owns 7,402 shares of the company’s stock valued at $210,000 after purchasing an additional 1,802 shares during the period. Mirabella Financial Services LLP bought a new stake in shares of Allegro MicroSystems during the 1st quarter valued at about $1,074,000. Jane Street Group LLC bought a new stake in shares of Allegro MicroSystems during the 1st quarter valued at about $545,000. Quantbot Technologies LP grew its stake in shares of Allegro MicroSystems by 9,050.0% during the 1st quarter. Quantbot Technologies LP now owns 13,908 shares of the company’s stock valued at $394,000 after purchasing an additional 13,756 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Allegro MicroSystems during the 1st quarter valued at about $768,000. Institutional investors and hedge funds own 46.35% of the company’s stock.

About Allegro MicroSystems (Get Rating)

Allegro MicroSystems, Inc 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, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.

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