Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $25.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price increased by Morgan Stanley from $23.00 to $25.00 in a research report released on Monday,Benzinga reports. The firm currently has an equal weight rating on the stock.

ALGM has been the topic of a number of other research reports. Needham & Company LLC dropped their price target on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Barclays boosted their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Mizuho raised their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Finally, UBS Group lifted their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average target price of $27.63.

Allegro MicroSystems Price Performance

ALGM opened at $30.04 on Monday. The firm has a market capitalization of $5.55 billion, a PE ratio of -85.83 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The business’s 50-day moving average is $23.03 and its two-hundred day moving average is $23.65. Allegro MicroSystems has a 1 year low of $16.38 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The company’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 EPS. Research analysts anticipate that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its holdings in Allegro MicroSystems by 63.7% during the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock worth $33,000 after acquiring an additional 504 shares during the period. UMB Bank n.a. grew its stake in Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock valued at $36,000 after acquiring an additional 578 shares during the period. TD Waterhouse Canada Inc. purchased a new stake in Allegro MicroSystems in the 4th quarter worth $40,000. Venturi Wealth Management LLC acquired a new position in Allegro MicroSystems during the fourth quarter worth $47,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Allegro MicroSystems during the first quarter valued at $71,000. 56.45% of the stock is owned by institutional investors and hedge funds.

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.