Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $30.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price raised by Barclays from $23.00 to $30.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Morgan Stanley increased their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 9th. Bank of America increased their target price on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock an “action list buy” rating in a report on Thursday, July 10th. Wells Fargo & Company reiterated an “overweight” rating and set a $42.00 target price (up from $33.00) on shares of Allegro MicroSystems in a report on Wednesday, July 16th. Mizuho increased their price objective on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Finally, Needham & Company LLC increased their target price on shares of Allegro MicroSystems from $25.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Buy” and an average price target of $37.56.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $31.26 on Friday. The firm’s 50 day moving average price is $32.27 and its 200-day moving average price is $26.70. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.26 and a current ratio of 3.70. Allegro MicroSystems has a one year low of $16.38 and a one year high of $38.45. The firm has a market cap of $5.78 billion, a P/E ratio of -84.48 and a beta of 1.74.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, July 31st. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.09. The company had revenue of $203.41 million for the quarter, compared to analyst estimates of $197.82 million. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.03 EPS. As a group, equities research analysts predict that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Trading of Allegro MicroSystems

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Teacher Retirement System of Texas boosted its holdings in shares of Allegro MicroSystems by 4.0% in the second quarter. Teacher Retirement System of Texas now owns 19,573 shares of the company’s stock valued at $669,000 after acquiring an additional 745 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Allegro MicroSystems by 158.8% in the second quarter. Nisa Investment Advisors LLC now owns 2,210 shares of the company’s stock valued at $76,000 after purchasing an additional 1,356 shares during the period. AlphaQuest LLC acquired a new stake in shares of Allegro MicroSystems in the second quarter valued at about $265,000. Sumitomo Mitsui Trust Group Inc. grew its position in Allegro MicroSystems by 3.1% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 31,652 shares of the company’s stock worth $1,082,000 after buying an additional 961 shares during the period. Finally, Ethic Inc. grew its position in Allegro MicroSystems by 22.0% during the second quarter. Ethic Inc. now owns 23,758 shares of the company’s stock worth $812,000 after buying an additional 4,281 shares during the period. Hedge funds and other 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.