Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $45.00 Average PT from Analysts
by Danessa Lincoln · The Markets DailyAllegro MicroSystems, Inc. (NASDAQ:ALGM – Get Free Report) has received an average recommendation of “Moderate Buy” from the twelve brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $45.00.
A number of equities analysts recently commented on the company. Needham & Company LLC raised their target price on Allegro MicroSystems from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Bank of America boosted their price target on Allegro MicroSystems from $36.00 to $39.00 and gave the company a “buy” rating in a report on Wednesday, January 21st. Barclays raised their price objective on Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Morgan Stanley raised Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 price objective on the stock in a research report on Friday, February 13th. Finally, UBS Group boosted their price objective on Allegro MicroSystems from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Friday, January 30th.
View Our Latest Research Report on Allegro MicroSystems
Allegro MicroSystems Stock Down 3.1%
Shares of ALGM stock opened at $29.95 on Tuesday. Allegro MicroSystems has a 12 month low of $16.38 and a 12 month high of $43.86. The stock has a market cap of $5.55 billion, a P/E ratio of -374.38 and a beta of 1.64. The company has a current ratio of 3.65, a quick ratio of 2.39 and a debt-to-equity ratio of 0.30. The company has a 50 day simple moving average of $35.61 and a two-hundred day simple moving average of $30.83.
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The business had revenue of $229.21 million for the quarter, compared to analysts’ expectations of $220.78 million. During the same quarter last year, the company posted $0.07 EPS. The company’s revenue was up 28.9% compared to the same quarter last year. On average, research analysts expect that Allegro MicroSystems will post 0.01 earnings per share for the current year.
Hedge Funds Weigh In On Allegro MicroSystems
A number of hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its position in shares of Allegro MicroSystems by 2.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,713 shares of the company’s stock valued at $430,000 after purchasing an additional 381 shares during the period. Hantz Financial Services Inc. boosted its holdings in Allegro MicroSystems by 86.9% in the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock worth $26,000 after buying an additional 419 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in Allegro MicroSystems by 3.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 14,268 shares of the company’s stock worth $376,000 after buying an additional 419 shares during the period. Advisors Asset Management Inc. increased its stake in Allegro MicroSystems by 2.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 22,499 shares of the company’s stock worth $657,000 after buying an additional 466 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in Allegro MicroSystems by 85.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock worth $38,000 after buying an additional 669 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.
About Allegro MicroSystems
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.