Analysts Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) Target Price at $26.57

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has earned an average rating of “Moderate Buy” from the eight brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $30.00.

Several brokerages have weighed in on ALGM. Bank of America began coverage on shares of Allegro MicroSystems in a research note on Monday, June 16th. They set a “buy” rating and a $38.00 price objective on the stock. Needham & Company LLC dropped their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, May 9th. UBS Group raised their price target on shares of Allegro MicroSystems from $25.00 to $35.00 and gave the company a “buy” rating in a report on Monday, June 16th. Barclays boosted their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Finally, Mizuho lifted their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $30.96 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66. The firm has a market cap of $5.72 billion, a P/E ratio of -79.38 and a beta of 1.67. The stock’s 50-day moving average is $24.32 and its two-hundred day moving average is $24.08. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $185.35 million. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The firm’s revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 EPS. Analysts predict that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Institutional Trading of Allegro MicroSystems

Institutional investors have recently bought and sold shares of the business. Voya Investment Management LLC lifted its stake in shares of Allegro MicroSystems by 4,384.6% in the 1st quarter. Voya Investment Management LLC now owns 669,012 shares of the company’s stock valued at $16,812,000 after purchasing an additional 654,094 shares during the period. Osterweis Capital Management Inc. acquired a new position in Allegro MicroSystems in the first quarter valued at about $4,506,000. Rhumbline Advisers lifted its stake in Allegro MicroSystems by 1.4% in the first quarter. Rhumbline Advisers now owns 330,263 shares of the company’s stock valued at $8,299,000 after buying an additional 4,428 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Allegro MicroSystems by 31.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company’s stock worth $8,911,000 after buying an additional 85,607 shares during the last quarter. Finally, S Squared Technology LLC grew its position in shares of Allegro MicroSystems by 8.2% during the 1st quarter. S Squared Technology LLC now owns 397,451 shares of the company’s stock worth $9,988,000 after buying an additional 30,000 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

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.