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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned a consensus rating of “Moderate Buy” from the twelve ratings firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $45.00.

A number of research analysts have weighed in on ALGM shares. Barclays boosted their target price on shares of Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of Allegro MicroSystems in a research report on Monday, December 29th. Morgan Stanley raised shares of Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 target price for the company in a research report on Friday, February 13th. Needham & Company LLC boosted their price objective on shares of Allegro MicroSystems from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Finally, Jefferies Financial Group restated a “buy” rating and set a $45.00 price objective on shares of Allegro MicroSystems in a report on Thursday, February 19th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors increased its holdings in shares of Allegro MicroSystems by 5.8% during the 3rd quarter. Capital Research Global Investors now owns 16,824,722 shares of the company’s stock worth $491,282,000 after purchasing an additional 920,365 shares during the period. Vanguard Group Inc. increased its holdings in shares of Allegro MicroSystems by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 14,293,465 shares of the company’s stock worth $417,369,000 after purchasing an additional 87,526 shares during the period. Invesco Ltd. increased its holdings in shares of Allegro MicroSystems by 44.0% during the 4th quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock worth $201,835,000 after purchasing an additional 2,338,624 shares during the period. State Street Corp increased its holdings in shares of Allegro MicroSystems by 1.5% during the 4th quarter. State Street Corp now owns 5,359,488 shares of the company’s stock worth $141,383,000 after purchasing an additional 78,203 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of Allegro MicroSystems by 77.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,803,944 shares of the company’s stock worth $73,968,000 after purchasing an additional 1,227,317 shares during the period. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Up 4.7%

Allegro MicroSystems stock opened at $40.00 on Friday. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of -500.00 and a beta of 1.70. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.65 and a quick ratio of 2.39. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $43.86. The firm has a fifty day moving average price of $35.39 and a two-hundred day moving average price of $31.35.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, January 29th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The firm had revenue of $229.21 million during the quarter, compared to analyst estimates of $220.78 million. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The business’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.07 EPS. As a group, analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.