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

Key Points

• Analysts give Allegro MicroSystems an average rating of Moderate Buy from 12 analysts (10 buys, 1 hold, 1 sell) with an average 1-year price target of $45.00.
• Several major firms recently raised targets or upgraded the stock—Morgan Stanley to overweight with a $51 target, UBS to $44, and TD Cowen/Jefferies to $45—reflecting growing analyst bullishness.
• Shares trade near $49.68 with a $9.21 billion market cap and a 52‑week range of $18.17–$50.31, but the company shows a negative P/E (−621) and about 56% institutional ownership.

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) has earned an average rating of "Moderate Buy" from the twelve analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $45.00.

A number of equities research analysts have recently issued reports on the company. UBS Group boosted their price objective on Allegro MicroSystems from $40.00 to $44.00 and gave the stock a "buy" rating in a report on Friday, January 30th. Morgan Stanley raised Allegro MicroSystems from an "equal weight" rating to an "overweight" rating and set a $51.00 price target for the company in a report on Friday, February 13th. Bank of America boosted their price target on Allegro MicroSystems from $36.00 to $39.00 and gave the company a "buy" rating in a research note on Wednesday, January 21st. Jefferies Financial Group reaffirmed a "buy" rating and issued a $45.00 price objective on shares of Allegro MicroSystems in a report on Thursday, February 19th. Finally, TD Cowen increased their price objective on Allegro MicroSystems from $38.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, January 30th.

Allegro MicroSystems Stock Up 0.4%

Shares of ALGM opened at $49.68 on Wednesday. The firm has a market cap of $9.21 billion, a P/E ratio of -621.00 and a beta of 2.02. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.39 and a current ratio of 3.65. Allegro MicroSystems has a 52 week low of $18.17 and a 52 week high of $50.31. The firm's 50-day simple moving average is $35.99 and its 200 day simple moving average is $32.51.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds have recently bought and sold shares of the business. Maryland State Retirement & Pension System acquired a new stake in Allegro MicroSystems in the 1st quarter worth about $214,000. State of Michigan Retirement System grew its position in shares of Allegro MicroSystems by 2.0% during the 1st quarter. State of Michigan Retirement System now owns 29,900 shares of the company's stock worth $943,000 after purchasing an additional 600 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Allegro MicroSystems by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 1,790,466 shares of the company's stock worth $56,453,000 after purchasing an additional 48,170 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Allegro MicroSystems by 2.5% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 40,633 shares of the company's stock worth $1,281,000 after purchasing an additional 1,000 shares during the period. Finally, Fifth Third Bancorp raised its position in shares of Allegro MicroSystems by 2,377.7% in the first quarter. Fifth Third Bancorp now owns 29,063 shares of the company's stock valued at $916,000 after buying an additional 27,890 shares in the last quarter. 56.45% of the stock is owned by 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.

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