Allegro MicroSystems (NASDAQ:ALGM) Reaches New 12-Month High – What’s Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM) reached a new 52-week high on Tuesday . The company traded as high as $42.11 and last traded at $41.99, with a volume of 2637576 shares. The stock had previously closed at $41.57.

Wall Street Analyst Weigh In

A number of research firms recently commented on ALGM. UBS Group lifted their price objective on Allegro MicroSystems from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Evercore raised their price target on shares of Allegro MicroSystems from $37.00 to $49.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Bank of America boosted their price objective on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Needham & Company LLC upped their price objective on shares of Allegro MicroSystems from $37.00 to $41.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Finally, Wells Fargo & Company raised their target price on shares of Allegro MicroSystems from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.80.

Allegro MicroSystems Price Performance

The company has a 50 day simple moving average of $31.76 and a 200 day simple moving average of $30.15. The company has a market capitalization of $7.75 billion, a price-to-earnings ratio of -522.88 and a beta of 1.63. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The firm had revenue of $229.21 million during the quarter, compared to analysts’ expectations of $220.78 million. During the same period in the prior year, the company earned $0.07 EPS. The firm’s revenue was up 28.9% on a year-over-year basis. As a group, research analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. lifted its holdings in Allegro MicroSystems by 2.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,713 shares of the company’s stock valued at $430,000 after acquiring an additional 381 shares during the last quarter. Hantz Financial Services Inc. grew its stake in shares of Allegro MicroSystems by 86.9% in the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock worth $26,000 after purchasing an additional 419 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Allegro MicroSystems by 2.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 22,499 shares of the company’s stock worth $657,000 after purchasing an additional 466 shares in the last quarter. Retirement Systems of Alabama lifted its stake in Allegro MicroSystems by 0.3% during the second quarter. Retirement Systems of Alabama now owns 200,781 shares of the company’s stock valued at $6,865,000 after purchasing an additional 668 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in Allegro MicroSystems by 1.8% during the third quarter. Arizona State Retirement System now owns 38,293 shares of the company’s stock worth $1,118,000 after buying an additional 685 shares in the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.