Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Up – Still a Buy?

Allegro MicroSystems, Inc. (NASDAQ:ALGM) gapped up before the market opened on Monday . The stock had previously closed at $22.30, but opened at $26.75. Allegro MicroSystems shares last traded at $26.78, with a volume of 2,938,789 shares.

Analyst Ratings Changes

Several research analysts have recently commented on ALGM shares. Wells Fargo & Company boosted their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Barclays boosted their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Morgan Stanley raised their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Needham & Company LLC restated a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Loop Capital initiated coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price for the company. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.70.

Allegro MicroSystems Stock Up 6.9 %

The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.93 billion, a P/E ratio of -76.51 and a beta of 1.66. The firm’s 50 day moving average is $24.02 and its two-hundred day moving average is $22.70.

Institutional Trading of Allegro MicroSystems

Hedge funds have recently added to or reduced their stakes in the business. New York State Teachers Retirement System raised its position in shares of Allegro MicroSystems by 97.4% during the third quarter. New York State Teachers Retirement System now owns 22,900 shares of the company’s stock worth $534,000 after purchasing an additional 11,300 shares during the period. Van ECK Associates Corp bought a new stake in Allegro MicroSystems during the 3rd quarter worth approximately $172,000. Amalgamated Bank raised its holdings in Allegro MicroSystems by 99.1% during the 3rd quarter. Amalgamated Bank now owns 72,399 shares of the company’s stock worth $1,687,000 after buying an additional 36,042 shares during the period. Principal Financial Group Inc. lifted its stake in Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after buying an additional 308,943 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new position in shares of Allegro MicroSystems in the third quarter valued at approximately $1,890,000. Institutional investors and hedge funds 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.