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

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) has earned a consensus rating of "Moderate Buy" from the eight brokerages that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $31.63.

Several equities research analysts recently weighed in on the company. Wells Fargo & Company restated an "overweight" rating and issued a $33.00 target price (up from $26.00) on shares of Allegro MicroSystems in a report on Monday, June 16th. Morgan Stanley upped their price target on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, June 9th. Mizuho boosted their price objective on Allegro MicroSystems from $31.00 to $37.00 and gave the company an "outperform" rating in a research report on Tuesday. Barclays upped their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Finally, Needham & Company LLC lowered their price target on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th.

Allegro MicroSystems Trading Up 1.5%

NASDAQ:ALGM opened at $36.89 on Thursday. 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 fifty-two week low of $16.38 and a fifty-two week high of $37.97. The stock's 50-day moving average is $28.46 and its two-hundred day moving average is $25.24. The stock has a market cap of $6.82 billion, a PE ratio of -94.59 and a beta of 1.75.

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

Hedge Funds Weigh In On Allegro MicroSystems

Large investors have recently made changes to their positions in the company. Fifth Third Bancorp lifted its stake in shares of Allegro MicroSystems by 63.7% during the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after acquiring an additional 504 shares during the period. UMB Bank n.a. increased its holdings in shares of Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after acquiring an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. bought a new position in shares of Allegro MicroSystems during the fourth quarter worth about $40,000. DekaBank Deutsche Girozentrale bought a new position in shares of Allegro MicroSystems during the first quarter worth about $71,000. Finally, Quarry LP bought a new position in Allegro MicroSystems in the fourth quarter valued at approximately $79,000. Institutional investors and hedge funds own 56.45% of the company's stock.

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.

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