Allegro MicroSystems (NASDAQ:ALGM) Releases Q1 Earnings Guidance

Allegro MicroSystems (NASDAQ:ALGM) updated its first quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.02-0.03 for the period, compared to the consensus estimate of $0.02. The company issued revenue guidance of $166-168 million, compared to the consensus revenue estimate of $165.04 million.

Analyst Upgrades and Downgrades

Several research firms recently commented on ALGM. Evercore ISI began coverage on Allegro MicroSystems in a research report on Tuesday, April 16th. They set an outperform rating and a $36.00 price target on the stock. TD Cowen boosted their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a buy rating in a research report on Thursday, June 13th. Mizuho cut their target price on Allegro MicroSystems from $45.00 to $35.00 and set a buy rating on the stock in a research report on Friday, May 10th. Needham & Company LLC cut their target price on Allegro MicroSystems from $40.00 to $33.00 and set a buy rating on the stock in a research report on Friday, May 10th. Finally, Jefferies Financial Group started coverage on Allegro MicroSystems in a research report on Monday, May 13th. They issued a buy rating and a $37.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $37.44.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded down $1.22 during trading on Tuesday, reaching $27.67. The stock had a trading volume of 1,024,078 shares, compared to its average volume of 1,576,329. Allegro MicroSystems has a one year low of $23.64 and a one year high of $52.26. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.48 and a current ratio of 4.85. The stock has a market cap of $5.36 billion, a PE ratio of 37.04 and a beta of 1.68. The firm’s 50 day moving average price is $29.67 and its two-hundred day moving average price is $28.91.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. The business had revenue of $240.58 million during the quarter, compared to the consensus estimate of $235.00 million. On average, research analysts forecast that Allegro MicroSystems will post 0.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard R. Lury sold 8,500 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $30.00, for a total transaction of $255,000.00. Following the completion of the transaction, the director now directly owns 23,001 shares in the company, valued at approximately $690,030. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.50% of the stock is owned by company insiders.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.