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Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Rating) has earned an average recommendation of "Buy" from the nine analysts that are covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $35.29.
ALGM has been the subject of a number of analyst reports. Barclays lowered their target price on shares of Allegro MicroSystems from $35.00 to $31.00 and set an "overweight" rating for the company in a research note on Monday, April 25th. Cowen initiated coverage on shares of Allegro MicroSystems in a research note on Wednesday. They set an "outperform" rating for the company. Cowen initiated coverage on shares of Allegro MicroSystems in a research note on Wednesday. They set an "outperform" rating and a $30.00 target price for the company. Mizuho lowered their target price on shares of Allegro MicroSystems from $44.00 to $42.00 in a research note on Wednesday, May 11th. Finally, Zacks Investment Research upgraded shares of Allegro MicroSystems from a "hold" rating to a "buy" rating and set a $26.00 target price for the company in a research note on Thursday, May 19th.
In other news, Director Joseph R. Martin sold 8,278 shares of the company's stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $24.17, for a total value of $200,079.26. Following the completion of the sale, the director now directly owns 43,522 shares of the company's stock, valued at $1,051,926.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Doogue sold 7,500 shares of the stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $29.04, for a total transaction of $217,800.00. The disclosure for this sale can be found here. 26.90% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new position in Allegro MicroSystems in the fourth quarter valued at about $164,504,000. Invesco Ltd. increased its holdings in Allegro MicroSystems by 4.3% in the first quarter. Invesco Ltd. now owns 4,152,293 shares of the company's stock valued at $117,924,000 after buying an additional 170,171 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Allegro MicroSystems by 18.6% in the first quarter. Clearbridge Investments LLC now owns 4,029,946 shares of the company's stock valued at $114,450,000 after buying an additional 632,036 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Allegro MicroSystems by 8.3% in the first quarter. JPMorgan Chase & Co. now owns 3,893,802 shares of the company's stock valued at $110,585,000 after buying an additional 299,504 shares in the last quarter. Finally, Macquarie Group Ltd. increased its holdings in Allegro MicroSystems by 14.4% in the third quarter. Macquarie Group Ltd. now owns 2,494,530 shares of the company's stock valued at $79,725,000 after buying an additional 314,108 shares in the last quarter. 46.35% of the stock is owned by hedge funds and other institutional investors.
NASDAQ ALGM traded up $0.86 on Friday, reaching $25.44. The stock had a trading volume of 7,510 shares, compared to its average volume of 611,067. Allegro MicroSystems has a 12-month low of $21.91 and a 12-month high of $38.28. The stock has a fifty day moving average price of $25.45 and a two-hundred day moving average price of $28.73. The company has a quick ratio of 3.87, a current ratio of 4.91 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $4.85 billion, a price-to-earnings ratio of 41.33 and a beta of 1.61.
Allegro MicroSystems (NASDAQ:ALGM - Get Rating) last posted its quarterly earnings data on Monday, May 9th. The company reported $0.21 earnings per share for the quarter, hitting analysts' consensus estimates of $0.21. Allegro MicroSystems had a return on equity of 18.12% and a net margin of 16.38%. The business had revenue of $200.30 million for the quarter, compared to analyst estimates of $195.18 million. During the same quarter in the prior year, the company earned $0.14 earnings per share. The company's revenue was up 14.4% on a year-over-year basis. Sell-side analysts forecast that Allegro MicroSystems will post 0.88 earnings per share for the current fiscal year.
Allegro MicroSystems Company Profile (Get Rating)
Allegro MicroSystems, Inc 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, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.
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