Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have earned an average rating of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $34.63.

ALGM has been the subject of several research reports. Mizuho reduced their price target on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, May 10th. TD Cowen boosted their price target 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. Evercore ISI assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price target on the stock. Barclays dropped their price objective on shares of Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Finally, Needham & Company LLC dropped their price objective on shares of Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, May 10th.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $24.04 on Thursday. The company has a fifty day simple moving average of $28.95 and a 200 day simple moving average of $28.78. Allegro MicroSystems has a 12-month low of $22.31 and a 12-month high of $52.26. The company has a current ratio of 4.85, a quick ratio of 3.48 and a debt-to-equity ratio of 0.22. The company has a market cap of $4.66 billion, a P/E ratio of 30.82 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. Allegro MicroSystems had a net margin of 14.55% and a return on equity of 20.67%. The business had revenue of $240.58 million during the quarter, compared to the consensus estimate of $235.00 million. Sell-side analysts predict that Allegro MicroSystems will post 0.23 earnings per share for the current fiscal year.

Insider Activity at Allegro MicroSystems

In other Allegro MicroSystems news, Director Richard R. Lury sold 8,500 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $30.00, for a total transaction of $255,000.00. Following the transaction, the director now directly owns 23,001 shares in the company, valued at $690,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $23.16, for a total transaction of $665,850,000.00. Following the transaction, the insider now directly owns 69,750,097 shares in the company, valued at $1,615,412,246.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard R. Lury sold 8,500 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $30.00, for a total transaction of $255,000.00. Following the transaction, the director now owns 23,001 shares in the company, valued at $690,030. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC bought a new position in shares of Allegro MicroSystems in the fourth quarter worth approximately $28,000. Versant Capital Management Inc grew its holdings in shares of Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares during the last quarter. Pineridge Advisors LLC bought a new position in shares of Allegro MicroSystems in the fourth quarter worth approximately $49,000. Quadrant Capital Group LLC grew its holdings in shares of Allegro MicroSystems by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after purchasing an additional 425 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel grew its holdings in shares of Allegro MicroSystems by 28.5% in the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company’s stock worth $70,000 after purchasing an additional 502 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

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.