Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Consensus Rating of “Moderate Buy” by Analysts

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been given an average recommendation of “Moderate Buy” by the eleven research firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $30.45.

ALGM has been the subject of a number of recent research reports. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price for the company. Wells Fargo & Company increased their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday. Barclays decreased their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target for the company. Finally, Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research report on Friday, October 18th.

Allegro MicroSystems Stock Up 2.1 %

Shares of NASDAQ ALGM opened at $23.40 on Thursday. The stock has a market capitalization of $4.31 billion, a P/E ratio of -167.13 and a beta of 1.65. Allegro MicroSystems has a one year low of $18.59 and a one year high of $33.26. The firm’s 50 day simple moving average is $21.77 and its two-hundred day simple moving average is $23.27. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. The company had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The firm’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 EPS.

Insiders Place Their Bets

In other news, SVP Michael Doogue bought 15,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was purchased at an average price of $19.00 per share, with a total value of $285,000.00. Following the transaction, the senior vice president now owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGM. KBC Group NV lifted its position 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 buying an additional 1,042 shares during the period. Van ECK Associates Corp purchased a new stake in shares of Allegro MicroSystems in the 3rd quarter worth about $172,000. Oppenheimer Asset Management Inc. bought a new position in shares of Allegro MicroSystems in the 2nd quarter worth about $211,000. Intech Investment Management LLC purchased a new position in Allegro MicroSystems during the 3rd quarter valued at about $214,000. Finally, nVerses Capital LLC bought a new stake in Allegro MicroSystems during the third quarter worth about $231,000. 56.45% of the stock is owned by hedge funds and other 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.