Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Average Recommendation of "Moderate Buy" from Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eight analysts that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $27.38.

A number of research firms recently issued reports on ALGM. Barclays upped their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Needham & Company LLC lowered their price target on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 9th. UBS Group increased their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, May 9th. Mizuho upped their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. Finally, Morgan Stanley increased their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd.

Hedge Funds Weigh In On Allegro MicroSystems

A number of large investors have recently bought and sold shares of ALGM. JPMorgan Chase & Co. raised its holdings in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after buying an additional 1,884,578 shares during the last quarter. Capital Research Global Investors grew its position in Allegro MicroSystems by 6.5% during the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock worth $126,093,000 after purchasing an additional 353,776 shares in the last quarter. Invesco Ltd. grew its position in Allegro MicroSystems by 131.5% during the 1st quarter. Invesco Ltd. now owns 4,835,641 shares of the company's stock worth $121,520,000 after purchasing an additional 2,746,880 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Allegro MicroSystems by 30.5% during the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock valued at $87,302,000 after acquiring an additional 934,048 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of Allegro MicroSystems by 50.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock valued at $59,756,000 after acquiring an additional 911,993 shares in the last quarter. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $27.26 on Wednesday. Allegro MicroSystems has a twelve month low of $16.38 and a twelve month high of $33.26. The stock's 50 day moving average is $22.65 and its two-hundred day moving average is $22.94. The firm has a market capitalization of $5.02 billion, a PE ratio of -77.89 and a beta of 1.57. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company's quarterly revenue was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 EPS. Research analysts anticipate that Allegro MicroSystems will post 0.01 earnings per share 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.

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