Allegro MicroSystems (NASDAQ:ALGM) Stock Price Up 8.9% – Here’s Why

Allegro MicroSystems, Inc. (NASDAQ:ALGM) shot up 8.9% during trading on Thursday . The stock traded as high as $29.45 and last traded at $29.16. 1,986,120 shares traded hands during trading, a decline of 33% from the average session volume of 2,956,173 shares. The stock had previously closed at $26.78.

Wall Street Analyst Weigh In

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

Allegro MicroSystems Stock Up 6.6 %

The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The stock has a 50 day moving average price of $24.11 and a 200-day moving average price of $22.73. The stock has a market capitalization of $5.26 billion, a P/E ratio of -81.59 and a beta of 1.67.

Hedge Funds Weigh In On Allegro MicroSystems

A number of large investors have recently bought and sold shares of ALGM. Mackenzie Financial Corp boosted its stake in shares of Allegro MicroSystems by 2.8% during the fourth quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock valued at $398,000 after purchasing an additional 491 shares during the period. Avior Wealth Management LLC boosted its position in Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after buying an additional 737 shares during the period. Prosperity Financial Group Inc. grew its holdings in Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after acquiring an additional 784 shares during the last quarter. KBC Group NV increased its position in shares of Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after acquiring an additional 1,042 shares during the period. Finally, Keybank National Association OH raised its stake in shares of Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after acquiring an additional 1,522 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.