Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Evercore ISI

Investment analysts at Evercore ISI assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a report issued on Tuesday, MarketBeat reports. The brokerage set an “outperform” rating and a $36.00 price target on the stock. Evercore ISI’s price objective indicates a potential upside of 37.09% from the company’s current price.

Several other analysts have also recently weighed in on the company. Needham & Company LLC reduced their price target on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a 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 on the stock in a report on Friday, February 2nd. Finally, TD Cowen upped their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.50.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $26.26 on Tuesday. Allegro MicroSystems has a 12-month low of $24.66 and a 12-month high of $53.05. The company has a quick ratio of 3.19, a current ratio of 4.57 and a debt-to-equity ratio of 0.22. The business’s 50-day moving average price is $29.09 and its two-hundred day moving average price is $28.60. The stock has a market cap of $5.07 billion, a PE ratio of 23.04 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The firm had revenue of $254.98 million for the quarter, compared to analysts’ expectations of $255.00 million. As a group, analysts expect that Allegro MicroSystems will post 1.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC lifted its holdings in shares of Allegro MicroSystems by 13.8% in the 3rd quarter. FMR LLC now owns 9,234,454 shares of the company’s stock worth $294,948,000 after purchasing an additional 1,121,651 shares in the last quarter. Vanguard Group Inc. lifted its stake in Allegro MicroSystems by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 7,400,125 shares of the company’s stock valued at $224,002,000 after acquiring an additional 38,187 shares in the last quarter. BlackRock Inc. lifted its stake in Allegro MicroSystems by 2.1% during the 2nd quarter. BlackRock Inc. now owns 6,004,945 shares of the company’s stock valued at $271,063,000 after acquiring an additional 123,151 shares in the last quarter. Invesco Ltd. lifted its stake in Allegro MicroSystems by 4.3% during the 1st quarter. Invesco Ltd. now owns 4,152,293 shares of the company’s stock valued at $117,924,000 after acquiring an additional 170,171 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Allegro MicroSystems by 21.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock valued at $129,435,000 after acquiring an additional 727,535 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.