Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Loop Capital

Loop Capital started coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report sent to investors on Tuesday morning, Marketbeat reports. The brokerage issued a buy rating and a $30.00 price target on the stock.

Several other research analysts have also issued reports on the stock. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price on the stock. Barclays reduced their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Needham & Company LLC dropped their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target on the stock. Finally, Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.80.

Allegro MicroSystems Price Performance

ALGM opened at $20.52 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The company’s 50 day simple moving average is $21.86 and its 200-day simple moving average is $25.66. Allegro MicroSystems has a one year low of $19.71 and a one year high of $33.26. The stock has a market capitalization of $3.78 billion, a P/E ratio of -146.56 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. During the same period last year, the firm earned $0.36 EPS. The business’s revenue for the quarter was down 32.0% on a year-over-year basis.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors have recently modified their holdings of the business. Versant Capital Management Inc raised its holdings in Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after buying an additional 1,096 shares during the period. GAMMA Investing LLC raised its holdings in shares of Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after acquiring an additional 603 shares during the period. KBC Group NV lifted its position in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after acquiring an additional 1,042 shares in the last quarter. CWM LLC boosted its stake in Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after purchasing an additional 921 shares during the period. Finally, Van ECK Associates Corp bought a new position in Allegro MicroSystems during the 3rd quarter worth about $172,000. Institutional investors own 56.45% of the company’s stock.

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.