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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has earned a consensus rating of “Moderate Buy” from the nine analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $30.89.

A number of research analysts have recently commented on ALGM shares. Barclays dropped their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Needham & Company LLC cut their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. Morgan Stanley began coverage on Allegro MicroSystems in a research report on Thursday. They issued an “equal weight” rating and a $21.00 target price on the stock. Finally, UBS Group began coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company.

Allegro MicroSystems Stock Down 1.9 %

Shares of NASDAQ:ALGM opened at $21.73 on Friday. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $4.00 billion, a P/E ratio of -158.27 and a beta of 1.69. Allegro MicroSystems has a 52-week low of $19.71 and a 52-week high of $33.26. The stock’s fifty day simple moving average is $21.99 and its 200-day simple moving average is $25.78.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The business had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. During the same quarter in the previous year, the business earned $0.36 earnings per share. The business’s revenue for the quarter was down 32.0% on a year-over-year basis. As a group, equities research analysts forecast that Allegro MicroSystems will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently modified their holdings of ALGM. Vanguard Group Inc. lifted its position in Allegro MicroSystems by 13.5% during the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after acquiring an additional 999,939 shares in the last quarter. Bamco Inc. NY boosted its stake in shares of Allegro MicroSystems by 477.6% in the first quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock valued at $18,031,000 after purchasing an additional 553,016 shares during the period. Silvercrest Asset Management Group LLC grew its holdings in Allegro MicroSystems by 363.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after purchasing an additional 495,935 shares in the last quarter. Fort Washington Investment Advisors Inc. OH purchased a new stake in Allegro MicroSystems during the 2nd quarter worth $13,120,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Allegro MicroSystems by 45.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock worth $36,207,000 after buying an additional 397,681 shares in the last quarter. Hedge funds and other institutional investors 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.