Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $27.38 Average Target Price from Analysts

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

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

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its position in shares of Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after buying an additional 504 shares during the period. UMB Bank n.a. boosted its stake in Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after acquiring an additional 578 shares during the last quarter. TD Waterhouse Canada Inc. acquired a new stake in Allegro MicroSystems during the 4th quarter worth $40,000. Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $47,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Allegro MicroSystems in the 1st quarter valued at $71,000. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Down 1.9%

ALGM traded down $0.49 on Wednesday, reaching $25.42. 1,357,786 shares of the company traded hands, compared to its average volume of 2,590,167. Allegro MicroSystems has a 52-week low of $16.38 and a 52-week high of $33.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The company has a market cap of $4.68 billion, a price-to-earnings ratio of -72.63 and a beta of 1.57. The stock's 50 day moving average price is $22.55 and its 200-day moving average price is $23.07.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. Allegro MicroSystems's revenue for the quarter was down 19.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.25 earnings per share. On average, sell-side analysts expect that Allegro MicroSystems will post 0.01 EPS for the current fiscal year.

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.