Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Analysts at Evercore ISI

Evercore ISI assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $36.00 target price on the stock.

Several other analysts have also issued reports on the company. Needham & Company LLC lowered their target price on Allegro MicroSystems from $44.00 to $40.00 and set a buy rating on the stock in a research note on Friday, February 2nd. Wolfe Research upgraded Allegro MicroSystems from a peer perform rating to an outperform rating and set a $35.00 price objective on the stock in a research note on Friday, February 2nd. Finally, TD Cowen boosted their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the company an outperform rating in a research note on Friday, February 2nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $44.50.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $27.00 on Tuesday. The firm has a market cap of $5.21 billion, a PE ratio of 23.68 and a beta of 1.82. The stock’s fifty day moving average price is $29.03 and its two-hundred day moving average price is $28.56. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. Allegro MicroSystems has a 1 year low of $24.66 and a 1 year high of $53.05.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $254.98 million for the quarter, compared to analyst estimates of $255.00 million. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. On average, equities research analysts forecast that Allegro MicroSystems will post 1.13 EPS for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Wyoming purchased a new position in Allegro MicroSystems during the second quarter worth about $28,000. Harbour Investments Inc. purchased a new position in Allegro MicroSystems during the first quarter worth about $33,000. GAMMA Investing LLC purchased a new position in Allegro MicroSystems during the fourth quarter worth about $28,000. Castleview Partners LLC purchased a new position in Allegro MicroSystems during the second quarter worth about $44,000. Finally, First Capital Advisors Group LLC. purchased a new position in Allegro MicroSystems during the second quarter worth about $45,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

About Allegro MicroSystems

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.