Barclays Issues Pessimistic Forecast for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM - Free Report) had its target price reduced by Barclays from $30.00 to $22.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages also recently commented on ALGM. Wells Fargo & Company lifted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, January 13th. Mizuho upped their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, March 24th. 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. Finally, Morgan Stanley upped their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus price target of $29.78.

Allegro MicroSystems Trading Up 1.3 %

ALGM traded up $0.25 on Tuesday, hitting $19.12. 2,105,238 shares of the company were exchanged, compared to its average volume of 2,479,714. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. Allegro MicroSystems has a 12 month low of $16.38 and a 12 month high of $33.26. The firm has a fifty day simple moving average of $23.66 and a two-hundred day simple moving average of $22.80. The stock has a market capitalization of $3.52 billion, a PE ratio of -54.63 and a beta of 1.53.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp grew its stake in 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 purchasing an additional 504 shares during the period. UMB Bank n.a. grew its position in shares of Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after buying an additional 578 shares during the period. TD Waterhouse Canada Inc. bought a new position in shares of Allegro MicroSystems in the 4th quarter worth about $40,000. Venturi Wealth Management LLC purchased a new position in Allegro MicroSystems during the 4th quarter valued at about $47,000. Finally, Quarry LP bought a new stake in Allegro MicroSystems during the fourth quarter worth about $79,000. Hedge funds and other institutional investors 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.