Brokerages Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) PT at $45.00

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned an average recommendation of “Moderate Buy” from the twelve analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $45.00.

A number of research analysts recently issued reports on ALGM shares. Needham & Company LLC lifted their price objective on shares of Allegro MicroSystems from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday. Morgan Stanley upgraded Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 price target on the stock in a research note on Friday, February 13th. UBS Group boosted their price target on Allegro MicroSystems from $40.00 to $44.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Allegro MicroSystems in a research note on Thursday. Finally, Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, January 18th.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Research Global Investors grew its position in Allegro MicroSystems by 5.8% during the 3rd quarter. Capital Research Global Investors now owns 16,824,722 shares of the company’s stock worth $491,282,000 after acquiring an additional 920,365 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Allegro MicroSystems by 0.6% during the third quarter. Vanguard Group Inc. now owns 14,293,465 shares of the company’s stock valued at $417,369,000 after purchasing an additional 87,526 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Allegro MicroSystems by 44.0% during the fourth quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock worth $201,835,000 after purchasing an additional 2,338,624 shares during the last quarter. State Street Corp grew its holdings in shares of Allegro MicroSystems by 1.5% during the fourth quarter. State Street Corp now owns 5,359,488 shares of the company’s stock worth $141,383,000 after purchasing an additional 78,203 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in shares of Allegro MicroSystems by 77.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,803,944 shares of the company’s stock valued at $73,968,000 after buying an additional 1,227,317 shares during the period. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $38.93 on Friday. The company has a market cap of $7.21 billion, a price-to-earnings ratio of -486.63 and a beta of 1.63. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $43.86. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.39 and a current ratio of 3.65. The stock has a fifty day moving average price of $33.13 and a 200-day moving average price of $30.44.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Allegro MicroSystems had a positive return on equity of 4.35% and a negative net margin of 1.57%.The company had revenue of $229.21 million for the quarter, compared to analysts’ expectations of $220.78 million. During the same quarter last year, the business earned $0.07 earnings per share. Allegro MicroSystems’s revenue was up 28.9% on a year-over-year basis. As a group, equities analysts anticipate that Allegro MicroSystems will post 0.01 EPS for the current fiscal year.

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.