Allegro MicroSystems (NASDAQ:ALGM) PT Raised to $50.00 at Barclays

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) had its price objective lifted by Barclays from $44.00 to $50.00 in a research note issued to investors on Tuesday morning, The Fly reports.

Several other equities research analysts have also commented on the stock. Cowen upped their price target on shares of Allegro MicroSystems from $38.00 to $44.00 and gave the company an outperform rating in a report on Wednesday, February 1st. Mizuho raised their price target on shares of Allegro MicroSystems from $38.00 to $42.00 and gave the company a buy rating in a research note on Wednesday, February 1st. Cowen raised their price target on shares of Allegro MicroSystems to $44.00 in a research note on Thursday, February 2nd. Wells Fargo & Company increased their price objective on shares of Allegro MicroSystems from $43.00 to $52.00 in a report on Thursday, March 9th. Finally, Needham & Company LLC raised their price target on shares of Allegro MicroSystems from $30.00 to $42.00 and gave the stock a buy rating in a report on Wednesday, February 1st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of Buy and an average price target of $45.67.

Allegro MicroSystems Stock Up 4.3 %

Shares of NASDAQ ALGM opened at $45.16 on Tuesday. The firm has a market capitalization of $8.65 billion, a price-to-earnings ratio of 58.65 and a beta of 1.71. Allegro MicroSystems has a 52-week low of $19.20 and a 52-week high of $47.67. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.65 and a current ratio of 4.52. The stock has a 50 day moving average price of $39.41 and a 200 day moving average price of $30.80.

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. The business had revenue of $248.79 million for the quarter, compared to the consensus estimate of $245.20 million. Allegro MicroSystems had a return on equity of 19.55% and a net margin of 16.69%. Sell-side analysts expect that Allegro MicroSystems will post 0.99 earnings per share for the current year.

Insider Buying and Selling at Allegro MicroSystems

In other news, SVP Joanne Valente sold 1,377 shares of the business’s stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $30.00, for a total transaction of $41,310.00. Following the transaction, the senior vice president now directly owns 95,776 shares in the company, valued at $2,873,280. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Richard R. Lury sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 8th. The shares were sold at an average price of $42.58, for a total transaction of $255,480.00. Following the transaction, the director now owns 27,663 shares of the company’s stock, valued at $1,177,890.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Joanne Valente sold 1,377 shares of the company’s stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $30.00, for a total transaction of $41,310.00. Following the transaction, the senior vice president now directly owns 95,776 shares of the company’s stock, valued at approximately $2,873,280. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,068,500 shares of company stock worth $191,316,709. 13.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Allegro MicroSystems

Several large investors have recently made changes to their positions in ALGM. Voya Investment Management LLC boosted its stake in shares of Allegro MicroSystems by 18.6% in the fourth quarter. Voya Investment Management LLC now owns 157,240 shares of the company’s stock valued at $4,720,000 after purchasing an additional 24,694 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Allegro MicroSystems in the 4th quarter worth about $687,000. Macquarie Group Ltd. increased its stake in Allegro MicroSystems by 1.4% during the 4th quarter. Macquarie Group Ltd. now owns 1,993,164 shares of the company’s stock valued at $59,835,000 after buying an additional 28,431 shares during the period. Northwestern Mutual Investment Management Company LLC acquired a new position in Allegro MicroSystems during the 4th quarter valued at about $181,000. Finally, Altshuler Shaham Ltd acquired a new position in Allegro MicroSystems during the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 46.89% of the company’s stock.

Allegro MicroSystems Company Profile

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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; power ICs comprising motor driver ICs, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.