Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Consensus Rating of "Buy" by Brokerages

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

ALGM has been the subject of a number of recent analyst reports. Wells Fargo & Company restated an "overweight" rating and issued a $33.00 price objective (up from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. UBS Group boosted their price target on Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Barclays boosted 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. Bank of America boosted their price target on Allegro MicroSystems from $38.00 to $45.00 and gave the stock an "action list buy" rating in a research report on Thursday. Finally, Needham & Company LLC dropped their price target on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, May 9th.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in Allegro MicroSystems during the 4th quarter worth about $15,145,000. Schonfeld Strategic Advisors LLC purchased a new stake in Allegro MicroSystems during the 4th quarter worth about $35,433,000. SG Americas Securities LLC purchased a new stake in Allegro MicroSystems during the 1st quarter worth about $805,000. Keybank National Association OH increased its holdings in Allegro MicroSystems by 14.9% during the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after purchasing an additional 1,522 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Allegro MicroSystems by 18.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,883 shares of the company's stock worth $668,000 after purchasing an additional 4,185 shares during the period. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM traded down $0.75 during trading hours on Thursday, reaching $36.76. The company had a trading volume of 2,062,612 shares, compared to its average volume of 2,691,959. Allegro MicroSystems has a 1-year low of $16.38 and a 1-year high of $38.45. The firm has a market cap of $6.80 billion, a PE ratio of -94.25 and a beta of 1.75. The business's 50 day moving average price is $29.18 and its 200-day moving average price is $25.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The business's revenue was down 19.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 earnings per share. Research analysts forecast that Allegro MicroSystems will post 0.01 EPS 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.