Allegro MicroSystems (NASDAQ:ALGM) Sets New 12-Month High After Better-Than-Expected Earnings

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $39.89 and last traded at $35.0680, with a volume of 2610018 shares traded. The stock had previously closed at $34.55.

The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The firm had revenue of $229.21 million during the quarter, compared to the consensus estimate of $220.78 million. Allegro MicroSystems had a positive return on equity of 2.90% and a negative net margin of 3.60%.The firm’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.07 earnings per share.

Analysts Set New Price Targets

ALGM has been the subject of a number of research reports. Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, January 18th. UBS Group lifted their price target on Allegro MicroSystems from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Mizuho set a $38.00 price objective on shares of Allegro MicroSystems in a report on Tuesday, December 16th. Bank of America boosted their target price on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Finally, Evercore ISI lifted their target price on Allegro MicroSystems from $37.00 to $49.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $38.89.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors have recently made changes to their positions in the business. Hantz Financial Services Inc. increased its stake in shares of Allegro MicroSystems by 86.9% during the third quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after buying an additional 419 shares during the period. Quent Capital LLC bought a new position in Allegro MicroSystems in the 3rd quarter valued at approximately $28,000. Farther Finance Advisors LLC increased its holdings in shares of Allegro MicroSystems by 815.4% in the 4th quarter. Farther Finance Advisors LLC now owns 2,142 shares of the company’s stock worth $57,000 after purchasing an additional 1,908 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Allegro MicroSystems by 12,315.0% in the 3rd quarter. NewEdge Advisors LLC now owns 2,483 shares of the company’s stock worth $73,000 after purchasing an additional 2,463 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Allegro MicroSystems by 158.8% in the second quarter. Nisa Investment Advisors LLC now owns 2,210 shares of the company’s stock worth $76,000 after purchasing an additional 1,356 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

The stock has a market capitalization of $6.90 billion, a P/E ratio of -232.84 and a beta of 1.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.48 and a current ratio of 3.89. The firm has a fifty day moving average price of $28.72 and a two-hundred day moving average price of $29.77.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.