Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stock Rated “Moderate Buy” by Wall Street Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have earned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $48.75.

ALGM has been the subject of several research reports. Needham & Company LLC dropped their price target on Allegro MicroSystems from $57.00 to $50.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. TD Cowen decreased their price objective on Allegro MicroSystems from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, October 19th. UBS Group lowered their target price on shares of Allegro MicroSystems from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Barclays lowered their target price on shares of Allegro MicroSystems from $48.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Friday, October 30th. Finally, Royal Bank Of Canada began coverage on shares of Allegro MicroSystems in a report on Friday, October 2nd. They set an “outperform” rating and a $50.00 target price for the company.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Erin Hagen sold 2,285 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $44.39, for a total transaction of $101,431.15. Following the transaction, the senior vice president directly owned 31,052 shares in the company, valued at approximately $1,378,398.28. The trade was a 6.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Transamerica Financial Advisors LLC purchased a new position in shares of Allegro MicroSystems during the 2nd quarter worth $27,000. Rakuten Securities Inc. acquired a new position in shares of Allegro MicroSystems during the 2nd quarter valued at about $31,000. Continuum Advisory LLC acquired a new position in shares of Allegro MicroSystems during the 2nd quarter valued at about $35,000. First Bancorp Inc ME acquired a new position in shares of Allegro MicroSystems during the 2nd quarter valued at about $49,000. Finally, Parallel Advisors LLC grew its holdings in shares of Allegro MicroSystems by 42.8% in the first quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock valued at $32,000 after purchasing an additional 302 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

NASDAQ:ALGM opened at $33.66 on Wednesday. The stock has a 50 day moving average of $34.95 and a two-hundred day moving average of $40.68. Allegro MicroSystems has a 12 month low of $22.41 and a 12 month high of $71.77. The firm has a market cap of $6.28 billion, a P/E ratio of 224.41, a price-to-earnings-growth ratio of 0.95 and a beta of 2.05. The company has a current ratio of 4.13, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, October 29th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $276.88 million for the quarter, compared to the consensus estimate of $270.86 million. Allegro MicroSystems had a return on equity of 10.34% and a net margin of 3.07%. The business’s quarterly revenue was up 29.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.13 earnings per share. On average, analysts expect that Allegro MicroSystems will post 0.65 earnings per share for the current fiscal year.

About Allegro MicroSystems

Allegro MicroSystems, Inc is a semiconductor company that develops and manufactures magnetic sensing and power-management solutions. Its products are designed to help monitor motion, position, speed, current and temperature, as well as control power in electronic systems.

The company’s portfolio includes Hall-effect and other magnetic sensors, current sensors, motor drivers, regulators, LED drivers and related integrated circuits. These products are used in automotive applications such as advanced driver-assistance systems, vehicle electrification, powertrain systems, comfort features and safety systems, as well as in industrial and consumer equipment.

Founded in 1990 and headquartered in Manchester, New Hampshire, Allegro serves customers globally through its international operations and distribution network.