Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $30.70 Average Price Target from Brokerages

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been given an average recommendation of “Moderate Buy” by the ten brokerages that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $30.70.

ALGM has been the topic of a number of research analyst reports. Barclays boosted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Loop Capital initiated coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective on the stock. Wells Fargo & Company lifted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Morgan Stanley lifted their price objective 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 Stock Down 2.1 %

ALGM opened at $27.71 on Friday. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a market cap of $5.10 billion, a P/E ratio of -79.17 and a beta of 1.67. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The business’s 50-day moving average price is $24.34 and its 200-day moving average price is $22.75.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds have recently added to or reduced their stakes in ALGM. Polar Asset Management Partners Inc. raised its stake in Allegro MicroSystems by 47.1% during the 4th quarter. Polar Asset Management Partners Inc. now owns 378,704 shares of the company’s stock valued at $8,278,000 after buying an additional 121,300 shares during the last quarter. Mackenzie Financial Corp raised its stake in Allegro MicroSystems by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock valued at $398,000 after buying an additional 491 shares during the last quarter. Toronto Dominion Bank raised its stake in Allegro MicroSystems by 20.5% during the 4th quarter. Toronto Dominion Bank now owns 19,085 shares of the company’s stock valued at $417,000 after buying an additional 3,253 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Allegro MicroSystems by 38.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 269,003 shares of the company’s stock worth $5,880,000 after purchasing an additional 74,681 shares in the last quarter. Finally, Woodline Partners LP increased its stake in shares of Allegro MicroSystems by 18.4% in the 4th quarter. Woodline Partners LP now owns 1,833,705 shares of the company’s stock worth $40,085,000 after purchasing an additional 285,573 shares in the last quarter. 56.45% of the stock is currently 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.