Evercore ISI began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM – Free Report) in a research report sent to investors on Tuesday morning, MarketBeat reports. The firm issued an outperform rating and a $36.00 price objective on the stock.
ALGM has been the topic of several other research reports. Wolfe Research upgraded Allegro MicroSystems from a peer perform rating to an outperform rating and set a $35.00 price target on the stock in a research note on Friday, February 2nd. TD Cowen raised their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the company an outperform rating in a research note on Friday, February 2nd. Finally, Needham & Company LLC cut their price target on Allegro MicroSystems from $44.00 to $40.00 and set a buy rating on the stock in a research note on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $44.50.
View Our Latest Analysis on ALGM
Allegro MicroSystems Stock Performance
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last released its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The business had revenue of $254.98 million for the quarter, compared to analyst estimates of $255.00 million. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. Analysts predict that Allegro MicroSystems will post 1.13 earnings per share for the current year.
Institutional Investors Weigh In On Allegro MicroSystems
A number of large investors have recently modified their holdings of the business. State of Wyoming purchased a new stake in Allegro MicroSystems in the second quarter valued at approximately $28,000. Harbour Investments Inc. purchased a new stake in Allegro MicroSystems in the first quarter valued at approximately $33,000. GAMMA Investing LLC purchased a new stake in Allegro MicroSystems in the fourth quarter valued at approximately $28,000. Castleview Partners LLC purchased a new stake in Allegro MicroSystems in the second quarter valued at approximately $44,000. Finally, First Capital Advisors Group LLC. purchased a new stake in Allegro MicroSystems in the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.
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.
Featured Articles
- Five stocks we like better than Allegro MicroSystems
- High Flyers: 3 Natural Gas Stocks for March 2022
- Comprehensive PepsiCo Stock Analysis
- Why Special Dividends Can be a Delightful Surprise for Income Investors
- CSX Co.: The Railroad Powering Ahead with an Earnings Beat
- What Do S&P 500 Stocks Tell Investors About the Market?
- Bear Market Funds to Watch This Year
Receive News & Ratings for Allegro MicroSystems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegro MicroSystems and related companies with MarketBeat.com's FREE daily email newsletter.