TD Cowen Lowers Allegro MicroSystems (NASDAQ:ALGM) Price Target to $37.00

Key Points

• TD Cowen has reduced its price target for Allegro MicroSystems from $42.00 to $37.00 while maintaining a "buy" rating, indicating a potential upside of 17.80% from the current price.
• Other analysts have varied opinions with Barclays lifting their target to $30.00 and Bank of America raising it to $45.00, showcasing a range of outlooks on the stock.
• Despite a recent 7.3% decline in the stock price, Allegro reported a revenue increase of 21.9% year-over-year in its latest quarterly statement.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its target price reduced by equities researchers at TD Cowen from $42.00 to $37.00 in a research report issued to clients and investors on Friday. The firm presently has a "buy" rating on the stock. TD Cowen's price target indicates a potential upside of 17.80% from the company's current price.

ALGM has been the topic of a number of other research reports. Barclays lifted their price target on shares of Allegro MicroSystems from $23.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday. Mizuho lifted their price target on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Morgan Stanley boosted their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, June 9th. Wells Fargo & Company restated an "overweight" rating and issued a $42.00 target price (up previously from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. Finally, Bank of America boosted their target price on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company an "action list buy" rating in a research note on Thursday, July 10th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $36.11.

Allegro MicroSystems Stock Down 7.3%

ALGM opened at $31.41 on Friday. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $38.45. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66. The firm's fifty day moving average price is $32.15 and its two-hundred day moving average price is $26.60. The company has a market capitalization of $5.81 billion, a P/E ratio of -80.54 and a beta of 1.75.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, hitting analysts' consensus estimates of $0.09. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The firm had revenue of $203.41 million for the quarter, compared to the consensus estimate of $197.82 million. During the same quarter in the previous year, the company earned $0.03 earnings per share. The business's revenue was up 21.9% compared to the same quarter last year. On average, analysts anticipate that Allegro MicroSystems will post 0.01 EPS for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

A number of large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its position in Allegro MicroSystems by 158.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,210 shares of the company's stock worth $76,000 after acquiring an additional 1,356 shares during the last quarter. AlphaQuest LLC acquired a new position in Allegro MicroSystems during the 2nd quarter worth approximately $265,000. Sumitomo Mitsui Trust Group Inc. boosted its position in Allegro MicroSystems by 3.1% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 31,652 shares of the company's stock worth $1,082,000 after acquiring an additional 961 shares during the last quarter. Ethic Inc. boosted its position in Allegro MicroSystems by 22.0% during the 2nd quarter. Ethic Inc. now owns 23,758 shares of the company's stock worth $812,000 after acquiring an additional 4,281 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Allegro MicroSystems during the 2nd quarter worth approximately $481,000. Institutional investors and hedge funds own 56.45% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.