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

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $34.44.

A number of research firms have weighed in on ALGM. TD Cowen boosted their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 target price on shares of Allegro MicroSystems in a research note on Friday, August 2nd. Finally, UBS Group started coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock.

Insider Transactions at Allegro MicroSystems

In related news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $23.16, for a total value of $665,850,000.00. Following the transaction, the insider now owns 69,750,097 shares in the company, valued at $1,615,412,246.52. The transaction 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.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently bought and sold shares of the company. Natixis Advisors L.P. raised its holdings in shares of Allegro MicroSystems by 24.6% during the fourth quarter. Natixis Advisors L.P. now owns 15,377 shares of the company’s stock valued at $465,000 after purchasing an additional 3,038 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Allegro MicroSystems by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 651,792 shares of the company’s stock valued at $19,730,000 after purchasing an additional 16,528 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Allegro MicroSystems by 32.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 802,417 shares of the company’s stock valued at $24,291,000 after purchasing an additional 196,315 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Allegro MicroSystems by 1.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,077,600 shares of the company’s stock valued at $32,619,000 after purchasing an additional 17,969 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Allegro MicroSystems by 57.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 157,726 shares of the company’s stock valued at $4,576,000 after purchasing an additional 57,316 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM opened at $22.96 on Friday. The company’s 50 day simple moving average is $24.85 and its 200 day simple moving average is $27.31. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 29.44 and a beta of 1.68. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98. Allegro MicroSystems has a 1 year low of $20.42 and a 1 year high of $33.45.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $166.90 million for the quarter, compared to analysts’ expectations of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The company’s revenue was down 40.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 earnings per share. As a group, research analysts predict that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

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.