Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Average Rating of "Moderate Buy" by Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) have received an average recommendation of "Moderate Buy" from the nine research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $28.56.

A number of equities analysts have recently commented on ALGM shares. UBS Group reduced their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating on the stock in a research report on Tuesday. Needham & Company LLC reissued a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Mizuho boosted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. Wells Fargo & Company boosted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, January 13th. Finally, Morgan Stanley boosted their price objective 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.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM traded down $0.02 during midday trading on Friday, hitting $19.05. The company had a trading volume of 375,505 shares, compared to its average volume of 2,473,299. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems has a 12-month low of $16.38 and a 12-month high of $33.26. The company has a fifty day moving average of $23.16 and a two-hundred day moving average of $22.75. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -54.53 and a beta of 1.53.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds and other institutional investors have recently modified their holdings of ALGM. Mackenzie Financial Corp lifted its holdings in shares of Allegro MicroSystems by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 18,192 shares of the company's stock valued at $398,000 after purchasing an additional 491 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Allegro MicroSystems by 63.7% in 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 last quarter. UMB Bank n.a. raised its holdings in shares of Allegro MicroSystems by 68.6% during the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after acquiring an additional 578 shares in the last quarter. Avior Wealth Management LLC increased its position in Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after purchasing an additional 737 shares during the last quarter. Finally, Xponance Inc. grew its position in Allegro MicroSystems by 5.4% in the first quarter. Xponance Inc. now owns 15,668 shares of the company's stock worth $394,000 after acquiring an additional 806 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company's stock.

About Allegro MicroSystems

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.