Morgan Stanley Issues Positive Forecast for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its price objective raised by Morgan Stanley from $21.00 to $23.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential downside of 3.93% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Needham & Company LLC reissued a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a research note on Friday, January 31st. Wells Fargo & Company upped their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Barclays lifted their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research note on Friday, October 18th. Finally, Loop Capital assumed coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Trading Up 4.3 %

ALGM stock opened at $23.94 on Monday. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The firm’s fifty day simple moving average is $22.73 and its two-hundred day simple moving average is $22.54. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of -68.40 and a beta of 1.66.

Insider Activity

In other news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Large investors have recently bought and sold shares of the business. Avior Wealth Management LLC grew its holdings 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 buying an additional 737 shares in the last quarter. Prosperity Financial Group Inc. boosted its position in shares of Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after acquiring an additional 784 shares during the last quarter. KBC Group NV grew its holdings 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 purchasing an additional 1,042 shares during the period. Natixis Advisors LLC increased its position in Allegro MicroSystems by 5.7% during the third quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock worth $700,000 after purchasing an additional 1,625 shares during the last quarter. Finally, Venturi Wealth Management LLC purchased a new position in Allegro MicroSystems during the fourth quarter worth about $47,000. Hedge funds and other institutional investors 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.