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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned a consensus recommendation of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $31.20.

Several brokerages have weighed in on ALGM. Mizuho upped their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, March 24th. Barclays upped 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. Needham & Company LLC restated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company increased their price objective on shares of 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 boosted their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd.

Allegro MicroSystems Stock Up 1.1 %

Shares of NASDAQ ALGM opened at $25.13 on Tuesday. The stock has a 50 day moving average price of $25.26 and a 200 day moving average price of $23.08. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of -71.80 and a beta of 1.67. Allegro MicroSystems has a 52-week low of $18.59 and a 52-week high of $33.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently bought and sold shares of ALGM. Raymond James Financial Inc. acquired a new stake in shares of Allegro MicroSystems in the 4th quarter worth $15,145,000. JPMorgan Chase & Co. raised its stake in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after buying an additional 1,884,578 shares during the last quarter. Keybank National Association OH boosted its holdings 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 acquiring an additional 1,522 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Allegro MicroSystems by 86.5% during the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after acquiring an additional 1,187,792 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Allegro MicroSystems by 25.7% during the fourth quarter. Victory Capital Management Inc. now owns 39,536 shares of the company’s stock valued at $864,000 after acquiring an additional 8,075 shares in the last quarter. 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.