Allegro MicroSystems (NASDAQ:ALGM) Given New $35.00 Price Target at UBS Group

Allegro MicroSystems (NASDAQ:ALGM) had its price target increased by UBS Group from $25.00 to $35.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently issued reports on ALGM. Barclays raised their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Morgan Stanley lifted their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, June 9th. Bank of America assumed coverage on shares of Allegro MicroSystems in a research note on Monday. They issued a “buy” rating and a $38.00 price target for the company. Wells Fargo & Company raised their price target on shares of Allegro MicroSystems from $26.00 to $33.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Needham & Company LLC decreased their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Allegro MicroSystems Stock Up 8.9%

Shares of NASDAQ ALGM opened at $31.19 on Monday. The stock has a market cap of $5.77 billion, a PE ratio of -89.11 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. Allegro MicroSystems has a 12-month low of $16.38 and a 12-month high of $33.26. The company has a 50-day moving average of $23.65 and a 200 day moving average of $23.85.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results 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. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. During the same period in the prior year, the business earned $0.25 earnings per share. The business’s revenue was down 19.9% compared to the same quarter last year. As a group, sell-side analysts predict that Allegro MicroSystems will post 0.01 EPS for the current fiscal year.

Institutional Trading of Allegro MicroSystems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALGM. Raymond James Financial Inc. purchased a new position in shares of Allegro MicroSystems during the fourth quarter worth $15,145,000. Schonfeld Strategic Advisors LLC purchased a new position in Allegro MicroSystems during the 4th quarter valued at about $35,433,000. Keybank National Association OH grew its position in Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after acquiring an additional 1,522 shares in the last quarter. Victory Capital Management Inc. increased its stake in Allegro MicroSystems by 25.7% during the fourth quarter. Victory Capital Management Inc. now owns 39,536 shares of the company’s stock worth $864,000 after purchasing an additional 8,075 shares during the period. Finally, Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems in the fourth quarter valued at approximately $47,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

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.