Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $45.71 Consensus PT from Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned a consensus rating of “Moderate Buy” from the five research firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $44.50.

ALGM has been the subject of a number of recent analyst reports. Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a report on Friday, February 2nd. 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 for the company. TD Cowen upped their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Finally, Needham & Company LLC decreased their target price on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 2nd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Allegro MicroSystems by 5.1% during the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after buying an additional 355,814 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Allegro MicroSystems by 21.9% during the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after buying an additional 727,535 shares during the period. Robbins Farley acquired a new position in shares of Allegro MicroSystems during the third quarter worth about $2,144,000. Sei Investments Co. boosted its position in shares of Allegro MicroSystems by 42.5% during the third quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock worth $12,494,000 after buying an additional 116,603 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in shares of Allegro MicroSystems by 51.6% during the third quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company’s stock worth $3,941,000 after buying an additional 41,999 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Trading Up 0.5 %

ALGM stock opened at $26.21 on Tuesday. The company has a market cap of $5.06 billion, a P/E ratio of 22.99 and a beta of 1.82. Allegro MicroSystems has a twelve month low of $24.66 and a twelve 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 has a fifty day moving average of $28.68 and a 200-day moving average of $28.44.

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