Allegro MicroSystems (NASDAQ:ALGM) Reaches New 52-Week High – Here’s Why

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) reached a new 52-week high during trading on Thursday . The company traded as high as $45.39 and last traded at $44.4210, with a volume of 323208 shares. The stock had previously closed at $42.27.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ALGM. Needham & Company LLC increased their price target on shares of Allegro MicroSystems from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. Wells Fargo & Company upped their price target on shares of Allegro MicroSystems from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. TD Cowen increased their target price on Allegro MicroSystems from $38.00 to $45.00 and gave the company a “buy” rating in a report on Friday, January 30th. UBS Group raised their price target on Allegro MicroSystems from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Finally, Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, January 18th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Allegro MicroSystems Trading Up 6.4%

The firm has a market cap of $8.33 billion, a PE ratio of -563.31 and a beta of 1.70. The firm has a fifty day simple moving average of $35.34 and a two-hundred day simple moving average of $31.64. The company has a current ratio of 3.65, a quick ratio of 2.39 and a debt-to-equity ratio of 0.30.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, January 29th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. The company 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 firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 earnings per share. Equities analysts forecast that Allegro MicroSystems, Inc. will post 0.27 EPS for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

Several large investors have recently made changes to their positions in the business. 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 buying an additional 419 shares during the last quarter. Quent Capital LLC bought a new position in shares of Allegro MicroSystems during the third quarter valued at $28,000. Kestra Advisory Services LLC bought a new position in shares of Allegro MicroSystems during the fourth quarter valued at $34,000. CIBC Private Wealth Group LLC raised its position in shares of Allegro MicroSystems by 14,844.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock worth $35,000 after purchasing an additional 1,336 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Allegro MicroSystems by 85.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock worth $38,000 after purchasing an additional 669 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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.