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

Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Free Report) has been assigned an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $27.38.

ALGM has been the topic of several recent analyst reports. Barclays upped their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Mizuho increased their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. UBS Group increased their target price on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Finally, Needham & Company LLC decreased their price target on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, May 9th.

Get Our Latest Research Report on Allegro MicroSystems

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors have recently added to or reduced their stakes in ALGM. Mackenzie Financial Corp raised its holdings in shares of Allegro MicroSystems by 2.8% in the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock worth $398,000 after purchasing an additional 491 shares during the period. Fifth Third Bancorp grew its holdings in shares of Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock worth $33,000 after purchasing an additional 504 shares during the period. UMB Bank n.a. increased its position in Allegro MicroSystems by 68.6% during the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock worth $36,000 after purchasing an additional 578 shares in the last quarter. Avior Wealth Management LLC increased its position in Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after purchasing an additional 737 shares in the last quarter. Finally, CWM LLC raised its holdings in Allegro MicroSystems by 22.2% in the first quarter. CWM LLC now owns 4,299 shares of the company’s stock valued at $108,000 after buying an additional 781 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $26.12 on Wednesday. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $33.26. The business has a fifty day moving average of $22.53 and a 200-day moving average of $23.09. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of -74.63 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGMGet Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The company had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. During the same period in the prior year, the firm earned $0.25 EPS. The firm’s quarterly revenue was down 19.9% on a year-over-year basis. As a group, analysts predict that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

About Allegro MicroSystems

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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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Analyst Recommendations for Allegro MicroSystems (NASDAQ:ALGM)

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