Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $31.20 Consensus Price Target from Brokerages

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been given an average rating of “Moderate Buy” by the ten research firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $31.20.

A number of analysts have issued reports on the stock. Mizuho lifted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, March 24th. Wells Fargo & Company lifted their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Needham & Company LLC reissued a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th. Barclays lifted their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, Morgan Stanley increased their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd.

Allegro MicroSystems Trading Down 6.9 %

ALGM stock opened at $21.32 on Tuesday. The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of -60.91 and a beta of 1.53. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26. The business has a 50 day simple moving average of $25.20 and a two-hundred day simple moving average of $23.12.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. TD Waterhouse Canada Inc. purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $40,000. Venturi Wealth Management LLC purchased a new position in Allegro MicroSystems during the 4th quarter valued at $47,000. Quarry LP bought a new position in Allegro MicroSystems in the 4th quarter valued at $79,000. Sterling Capital Management LLC increased its stake in Allegro MicroSystems by 59.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock worth $161,000 after purchasing an additional 2,758 shares during the period. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $186,000. 56.45% of the stock is owned by hedge funds and other 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.