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

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

Several other equities analysts also recently commented on the company. Wells Fargo & Company reiterated an "overweight" rating and issued a $33.00 target price (up from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. Bank of America started coverage on Allegro MicroSystems in a research report on Monday, June 16th. They set a "buy" rating and a $38.00 target price for the company. Morgan Stanley upped their price target 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. Barclays increased their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, Needham & Company LLC lowered their price objective 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. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $31.63.

Allegro MicroSystems Price Performance

Shares of Allegro MicroSystems stock traded up $0.95 during mid-day trading on Tuesday, reaching $36.35. 2,044,811 shares of the stock were exchanged, compared to its average volume of 2,651,969. The company has a current ratio of 4.30, a quick ratio of 2.66 and a debt-to-equity ratio of 0.37. The company has a market cap of $6.72 billion, a price-to-earnings ratio of -93.20 and a beta of 1.75. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $37.18. The firm has a 50-day simple moving average of $27.75 and a 200 day simple moving average of $25.08.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $185.35 million. During the same period in the previous year, the company posted $0.25 earnings per share. The company's revenue for the quarter was down 19.9% on a year-over-year basis. On average, sell-side analysts predict that Allegro MicroSystems will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. bought a new stake in Allegro MicroSystems during the fourth quarter worth approximately $15,145,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Allegro MicroSystems during the fourth quarter valued at approximately $35,433,000. SG Americas Securities LLC bought a new position in shares of Allegro MicroSystems during the 1st quarter worth $805,000. Keybank National Association OH raised its holdings in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after purchasing an additional 1,522 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Allegro MicroSystems by 18.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,883 shares of the company's stock worth $668,000 after buying an additional 4,185 shares during the period. Hedge funds and other institutional investors 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.