Allegro MicroSystems (NASDAQ:ALGM) Earns Buy Rating from Analysts at Loop Capital

Investment analysts at Loop Capital initiated coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $30.00 price target on the stock. Loop Capital’s price objective would indicate a potential upside of 43.82% from the company’s current price.

A number of other brokerages have also commented on ALGM. Barclays dropped their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Morgan Stanley initiated coverage on Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target on the stock. Needham & Company LLC decreased their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. Finally, UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price for the company. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.80.

Allegro MicroSystems Stock Down 4.0 %

ALGM stock opened at $20.86 on Tuesday. Allegro MicroSystems has a twelve month low of $19.71 and a twelve month high of $33.26. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The stock’s 50 day moving average is $21.86 and its 200-day moving average is $25.66. The firm has a market capitalization of $3.84 billion, a PE ratio of -148.99 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same quarter last year, the company earned $0.36 earnings per share.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ALGM. Texas Permanent School Fund Corp raised its position in Allegro MicroSystems by 1.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company’s stock valued at $1,686,000 after purchasing an additional 1,019 shares during the last quarter. SG Americas Securities LLC bought a new position in Allegro MicroSystems during the 1st quarter valued at approximately $297,000. Russell Investments Group Ltd. raised its position in Allegro MicroSystems by 238.9% during the 1st quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after purchasing an additional 39,289 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of Allegro MicroSystems by 23.1% during the 1st quarter. ProShare Advisors LLC now owns 12,157 shares of the company’s stock worth $328,000 after acquiring an additional 2,279 shares during the period. Finally, Trillium Asset Management LLC grew its holdings in shares of Allegro MicroSystems by 1.9% during the 1st quarter. Trillium Asset Management LLC now owns 265,693 shares of the company’s stock worth $7,163,000 after acquiring an additional 4,930 shares during the period. Institutional investors own 56.45% of the company’s stock.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.