Morgan Stanley Cuts Allegro MicroSystems (NASDAQ:ALGM) Price Target to $35.00

Allegro MicroSystems (NASDAQ:ALGM) had its price objective trimmed by Morgan Stanley from $38.00 to $35.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

ALGM has been the subject of several other research reports. TD Cowen decreased their price target on Allegro MicroSystems from $42.00 to $37.00 and set a “buy” rating for the company in a research note on Friday. Wells Fargo & Company reissued an “overweight” rating and issued a $42.00 price target (up previously from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. Mizuho increased their price target on Allegro MicroSystems from $31.00 to $37.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. Bank of America increased their price target on Allegro MicroSystems from $38.00 to $45.00 and gave the company an “action list buy” rating in a research note on Thursday, July 10th. Finally, Needham & Company LLC raised their target price on Allegro MicroSystems from $25.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $37.56.

Allegro MicroSystems Trading Down 0.5%

Shares of ALGM stock opened at $31.26 on Friday. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of -84.48 and a beta of 1.74. The stock has a 50-day moving average of $32.27 and a 200-day moving average of $26.70. The company has a current ratio of 3.70, a quick ratio of 2.26 and a debt-to-equity ratio of 0.34. Allegro MicroSystems has a 1-year low of $16.38 and a 1-year high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. The company 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 business’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. On average, equities research analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On Allegro MicroSystems

Large investors have recently added to or reduced their stakes in the business. Schonfeld Strategic Advisors LLC acquired a new stake in Allegro MicroSystems during the fourth quarter worth approximately $35,433,000. SG Americas Securities LLC bought a new position in Allegro MicroSystems in the first quarter worth approximately $805,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Allegro MicroSystems by 18.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,883 shares of the company’s stock worth $668,000 after acquiring an additional 4,185 shares in the last quarter. 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 worth $33,000 after acquiring an additional 504 shares in the last quarter. Finally, Frontier Capital Management Co. LLC bought a new position in Allegro MicroSystems in the fourth quarter worth approximately $1,994,000. Institutional investors and hedge funds 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.