Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $49.00 at Evercore ISI
Evercore ISI has raised its price target for Allegro MicroSystems (NASDAQ:ALGM) from $37.00 to $49.00, maintaining an "outperform" rating. This new target suggests a potential upside of 61.88% from the stock's previous close. Other analysts have also provided positive ratings, with Barclays setting a target of $35.00 and Wells Fargo increasing theirs to $42.00. Allegro MicroSystems has shown strong quarterly performance, reporting $203.41 million in revenue, up 21.9% year-over-year, and earnings per share of $0.09, meeting expectations.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its price objective lifted by investment analysts at Evercore ISI from $37.00 to $49.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Evercore ISI's price target indicates a potential upside of 61.88% from the stock's previous close.
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A number of other research analysts also recently commented on the company. Barclays reiterated an "overweight" rating and issued a $35.00 price objective on shares of Allegro MicroSystems in a report on Friday. Zacks Research raised shares of Allegro MicroSystems to a "hold" rating in a report on Monday, August 11th. Needham & Company LLC upped their target price on shares of Allegro MicroSystems from $25.00 to $37.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Mizuho lifted their price target on shares of Allegro MicroSystems from $37.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $42.00 price target (up from $33.00) on shares of Allegro MicroSystems in a research report on Wednesday, July 16th. Nine equities research 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 MarketBeat.com, Allegro MicroSystems presently has an average rating of "Moderate Buy" and an average price target of $38.50.
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Allegro MicroSystems Stock Performance
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Shares of ALGM stock opened at $30.27 on Friday. The company has a market cap of $5.60 billion, a P/E ratio of -81.81 and a beta of 1.72. The firm has a fifty day moving average price of $30.02 and a 200 day moving average price of $29.12. The company has a current ratio of 3.70, a quick ratio of 2.26 and a debt-to-equity ratio of 0.34. Allegro MicroSystems has a 12 month low of $16.38 and a 12 month high of $38.45.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, meeting analysts' consensus estimates of $0.09. The company had revenue of $203.41 million for the quarter, compared to analysts' expectations of $197.82 million. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%.Allegro MicroSystems's quarterly revenue was up 21.9% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. Sell-side analysts predict that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.
Insider Buying and Selling at Allegro MicroSystems
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In other news, CAO Roald Graham Webster sold 8,266 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $32.81, for a total value of $271,207.46. Following the transaction, the chief accounting officer owned 17,300 shares of the company's stock, valued at approximately $567,613. The trade was a 32.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.40% of the company's stock.
Institutional Investors Weigh In On Allegro MicroSystems
Institutional investors have recently added to or reduced their stakes in the business. Quent Capital LLC acquired a new position in Allegro MicroSystems during the 3rd quarter worth approximately $28,000. UMB Bank n.a. grew its holdings in Allegro MicroSystems by 29.2% during the second quarter. UMB Bank n.a. now owns 1,835 shares of the company's stock worth $63,000 after acquiring an additional 415 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in Allegro MicroSystems in the first quarter valued at $71,000. Nisa Investment Advisors LLC boosted its position in shares of 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 purchasing an additional 1,356 shares in the last quarter. Finally, Summit Securities Group LLC grew its stake in shares of Allegro MicroSystems by 257.8% during the 1st quarter. Summit Securities Group LLC now owns 4,000 shares of the company's stock worth $101,000 after purchasing an additional 2,882 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.
Allegro MicroSystems Company Profile
(Get Free Report)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.
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