Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated by Analysts at Roth Capital

Stock analysts at Roth Capital began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research note issued on Friday, Briefing.com reports. The brokerage set a “buy” rating and a $40.00 price target on the stock. Roth Capital‘s price objective suggests a potential upside of 26.14% from the stock’s previous close.

ALGM has been the subject of several other reports. Mizuho decreased their price objective on shares of Allegro MicroSystems from $58.00 to $46.00 and set an “outperform” rating for the company in a research report on Friday, October 30th. Barclays dropped 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 report on Friday, October 30th. Wall Street Zen raised shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. TD Cowen decreased their price target on Allegro MicroSystems from $48.00 to $40.00 and set a “buy” rating for the company in a report on Monday, October 19th. Finally, Morgan Stanley lifted their price objective on Allegro MicroSystems from $51.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.08.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $31.71 on Friday. The company has a market capitalization of $5.91 billion, a PE ratio of 211.41, a P/E/G ratio of 0.88 and a beta of 2.05. The company has a 50 day simple moving average of $34.09 and a two-hundred day simple moving average of $40.57. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.79 and a current ratio of 4.13. Allegro MicroSystems has a fifty-two week low of $22.41 and a fifty-two week high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $276.88 million during the quarter, compared to analyst estimates of $270.86 million. Allegro MicroSystems had a net margin of 3.07% and a return on equity of 10.34%. The company’s revenue was up 29.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.13 EPS. Research analysts anticipate that Allegro MicroSystems will post 0.69 earnings per share for the current year.

Institutional Trading of Allegro MicroSystems

Several large investors have recently modified their holdings of the stock. Polymer Capital Management US LLC bought a new stake in shares of Allegro MicroSystems in the 3rd quarter valued at $250,000. AlphaGrep UK Ltd bought a new position in Allegro MicroSystems during the third quarter worth $302,000. First Trust Advisors LP boosted its stake in Allegro MicroSystems by 50.7% during the third quarter. First Trust Advisors LP now owns 1,031,073 shares of the company’s stock worth $37,479,000 after acquiring an additional 347,051 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in Allegro MicroSystems in the third quarter worth $363,000. Finally, GW&K Investment Management LLC grew its holdings in Allegro MicroSystems by 28.1% in the third quarter. GW&K Investment Management LLC now owns 854,446 shares of the company’s stock worth $31,059,000 after purchasing an additional 187,634 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Company Profile

Allegro MicroSystems designs, develops and manufactures semiconductor devices used to sense and control motion, position, speed and electrical current. Its products include magnetic sensor integrated circuits and power integrated circuits for automotive and industrial applications. The company’s portfolio includes current and position sensors, motor-driver and power-management chips, and solutions for vehicle systems such as electrification, safety and driver assistance. Its products also support industrial automation and other applications that require precise sensing or control.