Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Morgan Stanley

Morgan Stanley assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research note issued on Thursday, Briefing.com reports. The brokerage set an “equal weight” rating and a $21.00 price target on the stock. Morgan Stanley’s price target indicates a potential downside of 4.59% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. Barclays reduced their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. UBS Group assumed coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price for the company. Finally, Needham & Company LLC cut their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.89.

Allegro MicroSystems Price Performance

NASDAQ:ALGM opened at $22.01 on Thursday. The stock has a fifty day moving average of $22.08 and a 200 day moving average of $25.83. Allegro MicroSystems has a 52-week low of $19.71 and a 52-week high of $33.26. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of -157.21 and a beta of 1.69. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.47%. The company had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. During the same period in the prior year, the business earned $0.36 earnings per share. Allegro MicroSystems’s revenue for the quarter was down 32.0% compared to the same quarter last year. On average, research analysts expect that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Allegro MicroSystems by 21.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 189,369 shares of the company’s stock valued at $5,105,000 after acquiring an additional 33,422 shares during the period. Texas Permanent School Fund Corp raised its position in Allegro MicroSystems by 1.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company’s stock valued at $1,686,000 after purchasing an additional 1,019 shares during the last quarter. SG Americas Securities LLC bought a new position in Allegro MicroSystems during the 1st quarter valued at approximately $297,000. Susquehanna Fundamental Investments LLC purchased a new stake in Allegro MicroSystems in the 1st quarter worth approximately $1,459,000. Finally, Qsemble Capital Management LP bought a new stake in shares of Allegro MicroSystems in the 1st quarter worth approximately $583,000. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Company Profile

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.