Allegro MicroSystems (NASDAQ:ALGM) Stock Rating Upgraded by Wall Street Zen

Allegro MicroSystems (NASDAQ:ALGM) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Several other equities research analysts have also recently weighed in on ALGM. Bank of America increased 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. Wells Fargo & Company restated an “overweight” rating and issued a $42.00 target price (up from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. Needham & Company LLC upped their target price on Allegro MicroSystems from $25.00 to $37.00 and gave the company a “buy” rating in a research note on Thursday. Morgan Stanley cut their target price on Allegro MicroSystems from $38.00 to $35.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Barclays upped their target price on Allegro MicroSystems from $23.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $37.56.

Allegro MicroSystems Stock Down 0.5%

Shares of Allegro MicroSystems stock opened at $31.26 on Friday. The stock has a market capitalization of $5.78 billion, a P/E ratio of -84.48 and a beta of 1.74. The company has a quick ratio of 2.26, a current ratio of 3.70 and a debt-to-equity ratio of 0.34. The stock has a 50 day moving average price of $32.27 and a two-hundred day moving average price of $26.70. Allegro MicroSystems has a 12-month low of $16.38 and a 12-month high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM) last announced 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 firm had revenue of $203.41 million during 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 company’s revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 earnings per share. Equities analysts expect that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp boosted its holdings in Allegro MicroSystems by 63.7% in the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock valued at $33,000 after acquiring an additional 504 shares during the last quarter. UMB Bank n.a. boosted its holdings in Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock valued at $36,000 after acquiring an additional 578 shares during the last quarter. TD Waterhouse Canada Inc. bought a new position in Allegro MicroSystems in the fourth quarter valued at about $40,000. DekaBank Deutsche Girozentrale bought a new position in Allegro MicroSystems in the first quarter valued at about $71,000. Finally, Nisa Investment Advisors LLC boosted its holdings in 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 acquiring an additional 1,356 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.