Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $31.63 Average Target Price from Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) have earned an average rating of "Buy" from the eight brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $32.50.

A number of research firms recently commented on ALGM. Mizuho upped their price objective on Allegro MicroSystems from $31.00 to $37.00 and gave the company an "outperform" rating in a report on Tuesday. UBS Group raised their price objective on Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday. Morgan Stanley boosted their price target on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, June 9th. Bank of America boosted their target price on Allegro MicroSystems from $38.00 to $45.00 and gave the company an "action list buy" rating in a research report on Thursday. Finally, Barclays raised their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th.

Institutional Trading of Allegro MicroSystems

Several hedge funds have recently modified their holdings of ALGM. Invesco Ltd. lifted its stake in Allegro MicroSystems by 131.5% in the first quarter. Invesco Ltd. now owns 4,835,641 shares of the company's stock worth $121,520,000 after acquiring an additional 2,746,880 shares during the last quarter. Kodai Capital Management LP acquired a new position in shares of Allegro MicroSystems in the 1st quarter valued at $41,610,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Allegro MicroSystems in the 4th quarter valued at $35,433,000. Paloma Partners Management Co raised its stake in Allegro MicroSystems by 312.8% during the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock worth $45,989,000 after acquiring an additional 1,594,170 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in Allegro MicroSystems during the 1st quarter worth $32,959,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

Shares of ALGM traded up $0.62 during mid-day trading on Thursday, hitting $37.51. 3,996,576 shares of the company were exchanged, compared to its average volume of 2,674,059. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.66 and a current ratio of 4.30. The company has a 50 day moving average of $28.46 and a 200-day moving average of $25.24. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of -96.18 and a beta of 1.75. Allegro MicroSystems has a 1-year low of $16.38 and a 1-year high of $38.42.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. During the same period in the prior year, the business earned $0.25 earnings per share. The business's revenue was down 19.9% compared to the same quarter last year. Analysts expect that Allegro MicroSystems will post 0.01 EPS for the current fiscal 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.