Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated by Analysts at Bank of America

Investment analysts at Bank of America started coverage on shares of Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage set a "buy" rating and a $38.00 price target on the stock. Bank of America's price target points to a potential upside of 22.30% from the company's current price.

ALGM has been the topic of a number of other reports. 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. Mizuho boosted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. Morgan Stanley boosted their price target on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, June 9th. Barclays boosted their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Finally, UBS Group upped their price objective on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Allegro MicroSystems presently has an average rating of "Moderate Buy" and an average price target of $30.00.

Allegro MicroSystems Stock Up 1.1%

ALGM traded up $0.35 during mid-day trading on Monday, reaching $31.07. 1,434,554 shares of the stock were exchanged, compared to its average volume of 2,621,118. 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 stock has a market capitalization of $5.74 billion, a PE ratio of -79.66 and a beta of 1.67. The company has a 50 day moving average price of $23.96 and a two-hundred day moving average price of $23.94. Allegro MicroSystems has a 1 year low of $16.38 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. The firm 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 10.07% and a positive return on equity of 1.04%. The business's revenue for the quarter was down 19.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 EPS. As a group, research analysts anticipate that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Research Global Investors increased its position in shares of Allegro MicroSystems by 6.5% during the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock valued at $126,093,000 after buying an additional 353,776 shares during the period. Invesco Ltd. increased its position in shares of Allegro MicroSystems by 131.5% during the first quarter. Invesco Ltd. now owns 4,835,641 shares of the company's stock valued at $121,520,000 after buying an additional 2,746,880 shares during the period. Wellington Management Group LLP increased its position in shares of Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after purchasing an additional 934,048 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Allegro MicroSystems by 50.1% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock worth $59,756,000 after purchasing an additional 911,993 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Allegro MicroSystems by 6.4% in the first quarter. Principal Financial Group Inc. now owns 2,416,102 shares of the company's stock worth $60,717,000 after purchasing an additional 144,824 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors.

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.