Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $31.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price boosted by Mizuho from $28.00 to $31.00 in a research note published on Monday, MarketBeat reports. Mizuho currently has an outperform rating on the stock.

Other research analysts also recently issued reports about the company. Barclays boosted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Wells Fargo & Company increased their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Morgan Stanley raised 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.20.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock opened at $26.85 on Monday. The stock has a market capitalization of $4.94 billion, a P/E ratio of -76.71 and a beta of 1.67. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26. 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 firm’s 50-day moving average is $25.22 and its two-hundred day moving average is $23.00.

Institutional Trading of Allegro MicroSystems

A number of institutional investors and hedge funds have recently bought and sold shares of ALGM. TD Waterhouse Canada Inc. purchased a new stake in Allegro MicroSystems during the fourth quarter worth approximately $40,000. Venturi Wealth Management LLC acquired a new stake in Allegro MicroSystems in the 4th quarter valued at $47,000. Quarry LP acquired a new stake in Allegro MicroSystems in the 4th quarter valued at $79,000. Sterling Capital Management LLC raised its position in Allegro MicroSystems by 59.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock valued at $161,000 after purchasing an additional 2,758 shares during the period. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of Allegro MicroSystems during the fourth quarter worth about $186,000. 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.