Brokerages Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) Price Target at $32.13

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been given a consensus recommendation of “Buy” by the eight research firms that are currently covering the stock, MarketBeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $32.13.

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

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds have recently modified their holdings of the business. Versant Capital Management Inc raised its stake in shares of Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after buying an additional 1,096 shares during the period. GAMMA Investing LLC boosted its holdings in Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after buying an additional 603 shares during the period. KBC Group NV raised its holdings 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 acquiring an additional 1,042 shares during the period. CWM LLC boosted its stake in shares of Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after acquiring an additional 921 shares during the period. Finally, Van ECK Associates Corp bought a new stake in Allegro MicroSystems during the 3rd quarter valued at approximately $172,000. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $22.01 on Friday. The company has a 50 day simple moving average of $22.08 and a two-hundred day simple moving average of $25.83. Allegro MicroSystems has a fifty-two week low of $19.71 and a fifty-two week high of $33.26. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of -157.21 and a beta of 1.69. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.47% and a negative net margin of 2.96%. The firm had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. During the same quarter in the previous year, the firm earned $0.36 EPS. Allegro MicroSystems’s quarterly revenue was down 32.0% compared to the same quarter last year. Analysts expect that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

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.