Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $37.00

Allegro MicroSystems (NASDAQ:ALGM - Free Report) had its target price lifted by Mizuho from $31.00 to $37.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

ALGM has been the topic of several other research reports. Morgan Stanley upped their target price on Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research report on Monday, June 9th. UBS Group upped their target price on Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Monday. Needham & Company LLC decreased their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Bank of America began coverage on Allegro MicroSystems in a research report on Monday, June 16th. They issued a "buy" rating and a $38.00 target price on the stock. Finally, Barclays upped their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $32.50.

Allegro MicroSystems Stock Performance

NASDAQ ALGM traded down $0.75 during trading on Tuesday, reaching $36.76. 2,062,612 shares of the company's stock were exchanged, compared to its average volume of 2,685,300. The business has a 50 day moving average price of $29.18 and a 200-day moving average price of $25.45. The stock has a market capitalization of $6.80 billion, a P/E ratio of -94.25 and a beta of 1.75. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same quarter in the previous year, the business earned $0.25 earnings per share. The business's revenue was down 19.9% compared to the same quarter last year. Sell-side analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Allegro MicroSystems

Large investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its position 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 buying an additional 504 shares in the last quarter. UMB Bank n.a. grew its position in 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 buying an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. acquired a new stake in Allegro MicroSystems during the fourth quarter worth approximately $40,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Allegro MicroSystems in the 1st quarter valued at $71,000. Finally, Quarry LP acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $79,000. Institutional investors and hedge funds own 56.45% of the company's stock.

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.