Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $45.00

Allegro MicroSystems (NASDAQ:ALGM) had its price objective hoisted by equities researchers at Needham & Company LLC from $41.00 to $45.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 16.61% from the company’s current price.

A number of other brokerages have also issued reports on ALGM. Mizuho set a $38.00 price target on shares of Allegro MicroSystems in a research note on Tuesday, December 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Allegro MicroSystems in a research report on Monday, December 29th. Wall Street Zen raised Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, January 18th. Evercore lifted their price target on Allegro MicroSystems from $37.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Finally, Barclays upped their price objective on Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Allegro MicroSystems Trading Down 7.4%

Shares of ALGM stock opened at $38.59 on Thursday. The company has a market capitalization of $7.15 billion, a P/E ratio of -482.38 and a beta of 1.63. The company has a current ratio of 3.65, a quick ratio of 2.39 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $32.73 and its two-hundred day moving average is $30.36. Allegro MicroSystems has a twelve month low of $16.38 and a twelve month high of $43.86.

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

Institutional Trading of Allegro MicroSystems

Several large investors have recently bought and sold shares of ALGM. Corient Private Wealth LLC raised its stake in shares of Allegro MicroSystems by 52.9% during the 4th quarter. Corient Private Wealth LLC now owns 15,345 shares of the company’s stock worth $408,000 after buying an additional 5,311 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its position in Allegro MicroSystems by 23.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 10,502 shares of the company’s stock worth $277,000 after acquiring an additional 1,977 shares during the last quarter. Tudor Investment Corp ET AL lifted its holdings in shares of Allegro MicroSystems by 201.9% in the fourth quarter. Tudor Investment Corp ET AL now owns 25,665 shares of the company’s stock valued at $677,000 after purchasing an additional 17,165 shares in the last quarter. Man Group plc grew its position in shares of Allegro MicroSystems by 79.8% in the fourth quarter. Man Group plc now owns 387,105 shares of the company’s stock valued at $10,212,000 after purchasing an additional 171,818 shares during the last quarter. Finally, Engineers Gate Manager LP grew its position in shares of Allegro MicroSystems by 506.7% in the fourth quarter. Engineers Gate Manager LP now owns 419,600 shares of the company’s stock valued at $11,069,000 after purchasing an additional 350,434 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

About Allegro MicroSystems

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.