Allegro MicroSystems (NASDAQ:ALGM) Price Target Lowered to $22.00 at UBS Group

Allegro MicroSystems (NASDAQ:ALGM) had its target price lowered by UBS Group from $30.00 to $22.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

ALGM has been the topic of several other research reports. Barclays reduced their price target on shares of Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Mizuho increased their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, March 24th. Needham & Company LLC restated a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Morgan Stanley upped their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Finally, Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.56.

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock opened at $18.76 on Tuesday. Allegro MicroSystems has a 52 week low of $16.38 and a 52 week high of $33.26. The company has a market capitalization of $3.45 billion, a PE ratio of -53.60 and a beta of 1.53. The stock’s fifty day moving average is $23.31 and its two-hundred day moving average is $22.77. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

Institutional Trading of Allegro MicroSystems

A number of large investors have recently made changes to their positions in ALGM. JPMorgan Chase & Co. lifted its stake in Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Capital Research Global Investors lifted its position in shares of Allegro MicroSystems by 6.5% during the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock worth $126,093,000 after buying an additional 353,776 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock valued at $87,302,000 after buying an additional 934,048 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in shares of Allegro MicroSystems by 50.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company’s stock valued at $59,756,000 after buying an additional 911,993 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock worth $58,244,000 after acquiring an additional 308,943 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, 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.