Research analysts at Cowen began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM – Get Rating) in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm set an “outperform” rating and a $30.00 price target on the stock. Cowen’s price objective points to a potential upside of 26.42% from the stock’s current price.
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Thursday, May 19th. Cowen started coverage on Allegro MicroSystems in a research note on Wednesday. They issued an “outperform” rating for the company. Barclays decreased their target price on Allegro MicroSystems from $35.00 to $31.00 and set an “overweight” rating for the company in a research note on Monday, April 25th. Finally, Mizuho decreased their target price on Allegro MicroSystems from $44.00 to $42.00 in a research note on Wednesday, May 11th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $35.29.
Shares of NASDAQ:ALGM opened at $23.73 on Wednesday. The business has a 50-day moving average price of $25.71 and a 200 day moving average price of $28.85. The company has a current ratio of 4.91, a quick ratio of 3.87 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 38.90 and a beta of 1.61. Allegro MicroSystems has a 12-month low of $21.91 and a 12-month high of $38.28.
In other Allegro MicroSystems news, SVP Michael Doogue sold 7,500 shares of the business’s stock in a transaction on Friday, March 18th. The stock was sold at an average price of $29.04, for a total transaction of $217,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 26.90% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the company. M&T Bank Corp increased its stake in Allegro MicroSystems by 5.2% in the fourth quarter. M&T Bank Corp now owns 9,496 shares of the company’s stock valued at $344,000 after purchasing an additional 469 shares during the last quarter. Advisor Group Holdings Inc. increased its stake in Allegro MicroSystems by 14.9% in the fourth quarter. Advisor Group Holdings Inc. now owns 5,414 shares of the company’s stock valued at $196,000 after purchasing an additional 704 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Allegro MicroSystems by 6.5% in the first quarter. Teacher Retirement System of Texas now owns 11,745 shares of the company’s stock valued at $334,000 after purchasing an additional 714 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock valued at $33,000 after purchasing an additional 774 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in Allegro MicroSystems in the fourth quarter valued at $33,000. Institutional investors and hedge funds own 46.35% of the company’s stock.
About Allegro MicroSystems (Get Rating)
Allegro MicroSystems, Inc 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, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.
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