Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Consensus Rating of “Moderate Buy” from Brokerages

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has earned a consensus rating of “Moderate Buy” from the ten research firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $31.20.

ALGM has been the subject of a number of research reports. Mizuho increased their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. Wells Fargo & Company raised their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Morgan Stanley upped their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Barclays lifted their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $25.13 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of -71.80 and a beta of 1.67. The firm has a fifty day moving average price of $25.26 and a 200 day moving average price of $23.08. Allegro MicroSystems has a fifty-two week low of $18.59 and a fifty-two week high of $33.26.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp grew 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 buying an additional 491 shares during the last quarter. Avior Wealth Management LLC grew its position in Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after acquiring an additional 737 shares during the last quarter. Keybank National Association OH increased its stake in Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock worth $257,000 after purchasing an additional 1,522 shares during the period. Pictet Asset Management Holding SA lifted its position in shares of Allegro MicroSystems by 10.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company’s stock worth $386,000 after purchasing an additional 1,687 shares during the last quarter. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of Allegro MicroSystems during the fourth quarter valued at $40,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.