Analysts Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) PT at $45.71

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) has received an average recommendation of "Moderate Buy" from the five research firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $44.50.

Several equities research analysts have commented on ALGM shares. Evercore ISI started coverage on Allegro MicroSystems in a research note on Tuesday. They set an "outperform" rating and a $36.00 price objective for the company. Needham & Company LLC cut their price objective on Allegro MicroSystems from $44.00 to $40.00 and set a "buy" rating for the company in a research note on Friday, February 2nd. Wolfe Research upgraded Allegro MicroSystems from a "peer perform" rating to an "outperform" rating and set a $35.00 price objective for the company in a research note on Friday, February 2nd. Finally, TD Cowen boosted their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, February 2nd.

Allegro MicroSystems Price Performance

Shares of Allegro MicroSystems stock traded up $0.74 on Tuesday, hitting $27.00. The company's stock had a trading volume of 1,308,748 shares, compared to its average volume of 1,707,458. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57. Allegro MicroSystems has a 1 year low of $24.66 and a 1 year high of $53.05. The firm has a fifty day moving average price of $29.03 and a 200-day moving average price of $28.56. The company has a market capitalization of $5.21 billion, a price-to-earnings ratio of 23.68 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings results on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The firm had revenue of $254.98 million during the quarter, compared to analyst estimates of $255.00 million. As a group, sell-side analysts anticipate that Allegro MicroSystems will post 1.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Allegro MicroSystems by 5.1% in the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company's stock valued at $235,140,000 after acquiring an additional 355,814 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Allegro MicroSystems by 21.9% in the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company's stock valued at $129,435,000 after acquiring an additional 727,535 shares during the last quarter. Robbins Farley acquired a new position in Allegro MicroSystems in the third quarter valued at approximately $2,144,000. Sei Investments Co. lifted its holdings in Allegro MicroSystems by 42.5% in the third quarter. Sei Investments Co. now owns 391,144 shares of the company's stock valued at $12,494,000 after acquiring an additional 116,603 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Allegro MicroSystems by 51.6% in the third quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company's stock valued at $3,941,000 after purchasing an additional 41,999 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.