Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $25.00 at Morgan Stanley

Allegro MicroSystems (NASDAQ:ALGM) had its price target increased by Morgan Stanley from $23.00 to $25.00 in a research note released on Monday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other research firms have also issued reports on ALGM. Mizuho boosted their target price 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. UBS Group increased their target price on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Needham & Company LLC decreased their target price on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Finally, Barclays increased their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $27.63.

Allegro MicroSystems Trading Up 3.4%

Shares of Allegro MicroSystems stock opened at $29.80 on Monday. The firm has a market capitalization of $5.51 billion, a PE ratio of -85.14 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 firm’s 50 day moving average is $22.71 and its 200 day moving average is $23.55. Allegro MicroSystems has a 1 year low of $16.38 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The firm’s quarterly revenue was down 19.9% on a year-over-year basis. During the same quarter last year, the business earned $0.25 EPS. Equities research analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in Allegro MicroSystems during the 4th quarter valued at approximately $15,145,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $35,433,000. JPMorgan Chase & Co. grew its position in shares of Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after buying an additional 1,884,578 shares during the period. Keybank National Association OH increased its stake in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock worth $257,000 after acquiring an additional 1,522 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Allegro MicroSystems by 25.7% during the 4th quarter. Victory Capital Management Inc. now owns 39,536 shares of the company’s stock valued at $864,000 after acquiring an additional 8,075 shares during the period. Institutional investors own 56.45% of the company’s stock.

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.