Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $30.09 Average Price Target from Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been given an average recommendation of “Moderate Buy” by the eleven brokerages that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $30.09.

A number of equities research analysts recently commented on the stock. Wells Fargo & Company assumed coverage on shares of Allegro MicroSystems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $23.00 price objective on the stock. Needham & Company LLC dropped their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. UBS Group started coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price on the stock. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Finally, Barclays cut their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st.

Insider Transactions at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc lifted its stake in shares of Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after purchasing an additional 1,096 shares in the last quarter. GAMMA Investing LLC raised its holdings in Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after buying an additional 603 shares during the period. KBC Group NV lifted its position in Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after buying an additional 1,042 shares in the last quarter. CWM LLC grew its stake in Allegro MicroSystems by 27.7% during the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after buying an additional 921 shares during the period. Finally, Van ECK Associates Corp acquired a new stake in shares of Allegro MicroSystems in the third quarter worth $172,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $21.73 on Wednesday. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of -155.20 and a beta of 1.69. The business’s 50 day simple moving average is $21.36 and its 200-day simple moving average is $24.89. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping 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 company had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. During the same period in the previous year, the business earned $0.36 earnings per share. Allegro MicroSystems’s quarterly revenue was down 32.0% compared to the same quarter last year.

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.