Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated by Analysts at Loop Capital

Loop Capital initiated coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report released on Tuesday, Marketbeat Ratings reports. The firm issued a buy rating and a $30.00 price target on the stock.

Several other equities research analysts also recently issued reports on ALGM. Barclays cut their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price for the company. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research note on Friday, October 18th. UBS Group initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective for the company. Finally, Needham & Company LLC decreased their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and an average price target of $30.80.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $20.52 on Tuesday. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of -146.56 and a beta of 1.69. Allegro MicroSystems has a 12 month low of $19.71 and a 12 month high of $33.26. The firm has a fifty day simple moving average of $21.86 and a 200 day simple moving average of $25.66. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $187.52 million. During the same quarter last year, the company earned $0.36 EPS. Allegro MicroSystems’s revenue for the quarter was down 32.0% compared to the same quarter last year.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors have recently made changes to their positions in the stock. Clearbridge Investments LLC lifted its position in shares of Allegro MicroSystems by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after acquiring an additional 235,335 shares during the period. Silvercrest Asset Management Group LLC grew its stake in Allegro MicroSystems by 363.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock worth $17,053,000 after buying an additional 495,935 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Allegro MicroSystems by 238.9% in the 1st quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after buying an additional 39,289 shares during the period. XTX Topco Ltd acquired a new position in shares of Allegro MicroSystems in the 2nd quarter valued at approximately $856,000. Finally, Vanguard Group Inc. raised its position in shares of Allegro MicroSystems by 13.5% in the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after buying an additional 999,939 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.

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.