Mizuho Forecasts Strong Price Appreciation for Allegro MicroSystems (NASDAQ:ALGM) Stock

Allegro MicroSystems (NASDAQ:ALGM) had its price objective boosted by Mizuho from $28.00 to $31.00 in a research report sent to investors on Monday morning, MarketBeat Ratings reports. They currently have an outperform rating on the stock.

ALGM has been the topic of a number of other reports. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Barclays lifted their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Morgan Stanley increased 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. Finally, Wells Fargo & Company raised their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.20.

Allegro MicroSystems Price Performance

ALGM opened at $26.85 on Monday. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The firm has a market cap of $4.94 billion, a price-to-earnings ratio of -76.71 and a beta of 1.67. 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 company has a fifty day simple moving average of $25.22 and a 200 day simple moving average of $23.00.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp lifted its position in shares of Allegro MicroSystems by 2.8% in the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock worth $398,000 after buying an additional 491 shares during the last quarter. Avior Wealth Management LLC raised its stake in Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after acquiring an additional 737 shares during the period. Prosperity Financial Group Inc. lifted its holdings in Allegro MicroSystems by 7.9% in the third 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. Keybank National Association OH boosted 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 valued at $257,000 after acquiring an additional 1,522 shares during the period. Finally, Natixis Advisors LLC grew its holdings in shares of Allegro MicroSystems by 5.7% during the third quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock valued at $700,000 after purchasing an additional 1,625 shares during the last quarter. 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.