Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Consensus Rating of “Buy” from Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Rating) have earned an average recommendation of “Buy” from the seven brokerages that are currently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have covered the stock in the last year is $30.80.

ALGM has been the subject of several analyst reports. TheStreet raised shares of Allegro MicroSystems from a “c” rating to a “b-” rating in a research note on Wednesday, November 16th. Mizuho dropped their price objective on shares of Allegro MicroSystems from $42.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, October 28th. Finally, Needham & Company LLC upped their price objective on shares of Allegro MicroSystems from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, October 27th.

Allegro MicroSystems Trading Up 4.2 %

Shares of ALGM stock opened at $31.56 on Friday. The firm has a 50-day moving average price of $24.21 and a 200 day moving average price of $23.57. Allegro MicroSystems has a twelve month low of $19.20 and a twelve month high of $38.28. The company has a market capitalization of $6.04 billion, a price-to-earnings ratio of 51.74 and a beta of 1.65. The company has a current ratio of 4.84, a quick ratio of 3.96 and a debt-to-equity ratio of 0.03.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last announced its earnings results on Thursday, October 27th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. Allegro MicroSystems had a net margin of 14.87% and a return on equity of 16.87%. The firm had revenue of $237.70 million during the quarter, compared to the consensus estimate of $225.03 million. During the same quarter in the previous year, the company posted $0.17 EPS. The firm’s revenue for the quarter was up 22.8% on a year-over-year basis. Research analysts forecast that Allegro MicroSystems will post 0.9 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Michael Doogue sold 26,665 shares of the stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $28.81, for a total transaction of $768,218.65. Following the completion of the sale, the senior vice president now owns 192,054 shares of the company’s stock, valued at approximately $5,533,075.74. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP Michael Doogue sold 26,665 shares of the stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $28.81, for a total transaction of $768,218.65. Following the completion of the sale, the senior vice president now owns 192,054 shares of the company’s stock, valued at approximately $5,533,075.74. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph R. Martin sold 16,349 shares of the stock in a transaction that occurred on Friday, November 4th. The stock was sold at an average price of $25.92, for a total transaction of $423,766.08. Following the sale, the director now directly owns 35,536 shares of the company’s stock, valued at approximately $921,093.12. The disclosure for this sale can be found here. Insiders sold a total of 52,073 shares of company stock valued at $1,452,522 in the last 90 days. 13.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its holdings in Allegro MicroSystems by 8.1% in the 3rd quarter. California State Teachers Retirement System now owns 83,707 shares of the company’s stock worth $1,829,000 after acquiring an additional 6,269 shares during the period. M&T Bank Corp boosted its holdings in Allegro MicroSystems by 29.8% in the 3rd quarter. M&T Bank Corp now owns 42,020 shares of the company’s stock worth $919,000 after acquiring an additional 9,650 shares during the period. Alpha Paradigm Partners LLC boosted its holdings in Allegro MicroSystems by 106.3% in the 3rd quarter. Alpha Paradigm Partners LLC now owns 51,179 shares of the company’s stock worth $1,118,000 after acquiring an additional 26,367 shares during the period. Balyasny Asset Management LLC purchased a new position in Allegro MicroSystems in the 3rd quarter worth approximately $4,545,000. Finally, Alliancebernstein L.P. boosted its stake in shares of Allegro MicroSystems by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 3,104,475 shares of the company’s stock valued at $67,833,000 after buying an additional 44,623 shares during the last quarter. Hedge funds and other institutional investors own 46.10% of the company’s stock.

About Allegro MicroSystems

(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; power ICs comprising motor driver ICs, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.

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