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

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) has earned an average rating of "Buy" from the eight brokerages that are covering the stock, Marketbeat Ratings reports. One equities research 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 1-year target price among analysts that have covered the stock in the last year is $32.50.

A number of research firms recently weighed in on ALGM. Bank of America lifted their price target on Allegro MicroSystems from $38.00 to $45.00 and gave the company an "action list buy" rating in a research note on Thursday. Mizuho lifted their price target on Allegro MicroSystems from $31.00 to $37.00 and gave the company an "outperform" rating in a research note on Tuesday. Wells Fargo & Company restated an "overweight" rating and issued a $33.00 price target (up from $26.00) on shares of Allegro MicroSystems in a research note on Monday, June 16th. Needham & Company LLC reduced their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Barclays lifted their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Friday, May 9th.

Hedge Funds Weigh In On Allegro MicroSystems

Institutional investors have recently made changes to their positions in the stock. UMB Bank n.a. grew its holdings in Allegro MicroSystems by 29.2% in the second quarter. UMB Bank n.a. now owns 1,835 shares of the company's stock valued at $63,000 after purchasing an additional 415 shares during the period. Voya Investment Management LLC raised its stake in shares of Allegro MicroSystems by 4,384.6% during the first quarter. Voya Investment Management LLC now owns 669,012 shares of the company's stock valued at $16,812,000 after purchasing an additional 654,094 shares during the period. Osterweis Capital Management Inc. acquired a new stake in Allegro MicroSystems during the 1st quarter valued at approximately $4,506,000. Rhumbline Advisers grew its stake in Allegro MicroSystems by 1.4% during the 1st quarter. Rhumbline Advisers now owns 330,263 shares of the company's stock valued at $8,299,000 after purchasing an additional 4,428 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Allegro MicroSystems by 31.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company's stock valued at $8,911,000 after purchasing an additional 85,607 shares in the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Down 2.0%

Shares of NASDAQ ALGM traded down $0.75 during midday trading on Thursday, hitting $36.76. 2,062,612 shares of the company's stock were exchanged, compared to its average volume of 2,685,300. 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 has a twelve month low of $16.38 and a twelve month high of $38.45. The company has a market cap of $6.80 billion, a PE ratio of -94.25 and a beta of 1.75. The firm's fifty day simple moving average is $29.18 and its 200-day simple moving average is $25.45.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share 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 company had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. During the same quarter in the previous year, the business earned $0.25 earnings per share. The firm's revenue for the quarter was down 19.9% on a year-over-year basis. Research analysts predict 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.