Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $40.00

Allegro MicroSystems (NASDAQ:ALGM) had its price objective boosted by Mizuho from $37.00 to $40.00 in a report released on Friday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities analysts have also recently issued reports about the company. Barclays upped their price objective on Allegro MicroSystems from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday. Needham & Company LLC upped their price objective on Allegro MicroSystems from $25.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday. Morgan Stanley cut their price target on Allegro MicroSystems from $38.00 to $35.00 and set an “equal weight” rating for the company in a research note on Friday. Bank of America raised their price objective on Allegro MicroSystems from $38.00 to $45.00 and gave the company an “action list buy” rating in a research report on Thursday, July 10th. Finally, UBS Group raised their price objective on Allegro MicroSystems from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, July 7th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems has a consensus rating of “Buy” and a consensus target price of $37.56.

Allegro MicroSystems Stock Performance

ALGM stock opened at $31.26 on Friday. The stock has a market capitalization of $5.78 billion, a PE ratio of -84.48 and a beta of 1.74. Allegro MicroSystems has a 12-month low of $16.38 and a 12-month high of $38.45. The company has a current ratio of 3.70, a quick ratio of 2.26 and a debt-to-equity ratio of 0.34. The stock’s 50 day simple moving average is $32.27 and its 200 day simple moving average is $26.70.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ALGM. Norges Bank bought a new position in shares of Allegro MicroSystems in the 4th quarter valued at about $26,926,000. Pictet Asset Management Holding SA lifted its holdings in shares of Allegro MicroSystems by 10.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company’s stock valued at $386,000 after acquiring an additional 1,687 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of Allegro MicroSystems by 2.4% in the 4th quarter. Schroder Investment Management Group now owns 441,623 shares of the company’s stock valued at $9,530,000 after acquiring an additional 10,155 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock valued at $87,302,000 after acquiring an additional 934,048 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Allegro MicroSystems by 183.1% in the 4th quarter. Alliancebernstein L.P. now owns 528,173 shares of the company’s stock valued at $11,546,000 after acquiring an additional 341,627 shares during the last quarter. 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.