Allegro MicroSystems (NASDAQ:ALGM) Upgraded to Buy at Wall Street Zen

Allegro MicroSystems (NASDAQ:ALGM) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

ALGM has been the topic of several other research reports. Morgan Stanley lowered their price target on shares of Allegro MicroSystems from $38.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday. TD Cowen lowered their target price on shares of Allegro MicroSystems from $42.00 to $37.00 and set a “buy” rating on the stock in a report on Friday. Barclays upped their target price on shares of Allegro MicroSystems from $23.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday. Mizuho upped their target price on shares of Allegro MicroSystems from $37.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday. Finally, UBS Group upped their target price on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, July 7th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $37.56.

Allegro MicroSystems Trading Down 0.5%

Shares of Allegro MicroSystems stock opened at $31.26 on Friday. The firm has a market capitalization of $5.78 billion, a PE ratio of -84.48 and a beta of 1.74. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.70 and a quick ratio of 2.66. The company’s fifty day moving average price is $32.27 and its two-hundred day moving average price is $26.66. Allegro MicroSystems has a 52-week low of $16.38 and a 52-week high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. The firm had revenue of $203.41 million for the quarter, compared to analyst estimates of $197.82 million. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 EPS. On average, analysts expect that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp lifted its position in Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock worth $33,000 after buying an additional 504 shares in the last quarter. UMB Bank n.a. lifted its position in Allegro MicroSystems by 68.6% during the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock worth $36,000 after buying an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems during the 4th quarter worth about $40,000. DekaBank Deutsche Girozentrale acquired a new position in Allegro MicroSystems during the 1st quarter worth about $71,000. Finally, Nisa Investment Advisors LLC lifted its position in Allegro MicroSystems by 158.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,210 shares of the company’s stock worth $76,000 after buying an additional 1,356 shares in the last quarter. Institutional investors and hedge funds 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.