Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $48.00

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) had its target price upped by Mizuho from $42.00 to $48.00 in a research note issued to investors on Wednesday, The Fly reports.

Other analysts have also recently issued reports about the company. TheStreet raised Allegro MicroSystems from a c rating to a b- rating in a research report on Wednesday, November 16th. Cowen increased their price objective on Allegro MicroSystems to $44.00 in a research report on Thursday, February 2nd. Wells Fargo & Company increased their price objective on Allegro MicroSystems from $43.00 to $52.00 in a research report on Thursday, March 9th. Cowen increased their price objective on Allegro MicroSystems from $38.00 to $44.00 and gave the stock an outperform rating in a research report on Wednesday, February 1st. Finally, Barclays increased their price objective on Allegro MicroSystems from $44.00 to $50.00 and gave the stock an overweight rating in a research report on Tuesday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus price target of $48.00.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $45.10 on Wednesday. The stock’s 50-day moving average is $40.34 and its two-hundred day moving average is $31.21. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.52 and a quick ratio of 3.65. Allegro MicroSystems has a 1-year low of $19.20 and a 1-year high of $47.67. The company has a market cap of $8.64 billion, a price-to-earnings ratio of 58.57 and a beta of 1.71.

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.03. Allegro MicroSystems had a return on equity of 19.55% and a net margin of 16.69%. The company had revenue of $248.79 million for the quarter, compared to the consensus estimate of $245.20 million. Analysts forecast that Allegro MicroSystems will post 1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard R. Lury sold 6,000 shares of Allegro MicroSystems stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $42.58, for a total value of $255,480.00. Following the completion of the sale, the director now owns 27,663 shares of the company’s stock, valued at $1,177,890.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Allegro MicroSystems news, Director Richard R. Lury sold 6,000 shares of the business’s stock in a transaction dated Wednesday, February 8th. The stock was sold at an average price of $42.58, for a total transaction of $255,480.00. Following the transaction, the director now owns 27,663 shares in the company, valued at $1,177,890.54. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Skna L.P. Oep sold 4,980,000 shares of Allegro MicroSystems stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $37.76, for a total value of $188,044,800.00. Following the sale, the insider now directly owns 17,649,247 shares in the company, valued at $666,435,566.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,068,500 shares of company stock valued at $191,316,709. Corporate insiders own 13.60% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new position in shares of Allegro MicroSystems in the first quarter worth $39,429,000. Millennium Management LLC boosted its holdings in Allegro MicroSystems by 1,087.0% during the fourth quarter. Millennium Management LLC now owns 1,211,738 shares of the company’s stock valued at $36,376,000 after acquiring an additional 1,109,652 shares during the period. Norges Bank bought a new stake in Allegro MicroSystems during the fourth quarter valued at about $19,174,000. Clearbridge Investments LLC boosted its holdings in Allegro MicroSystems by 18.6% during the first quarter. Clearbridge Investments LLC now owns 4,029,946 shares of the company’s stock valued at $114,450,000 after acquiring an additional 632,036 shares during the period. Finally, BlackRock Inc. boosted its holdings in Allegro MicroSystems by 25.4% during the third quarter. BlackRock Inc. now owns 2,770,134 shares of the company’s stock valued at $60,530,000 after acquiring an additional 561,330 shares during the period. 46.89% of the stock is currently owned by institutional investors and hedge funds.

About Allegro MicroSystems

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Allegro MicroSystems, Inc 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; power ICs comprising motor driver ICs, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.