Allegro MicroSystems (NASDAQ:ALGM) Hits New 12-Month High - Should You Buy?

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report)'s stock price hit a new 52-week high on Thursday . The company traded as high as $34.30 and last traded at $33.93, with a volume of 926837 shares traded. The stock had previously closed at $32.94.

Wall Street Analysts Forecast Growth

ALGM has been the topic of a number of recent research reports. Morgan Stanley lifted their price objective on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, June 9th. UBS Group lifted their target price on Allegro MicroSystems from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Wells Fargo & Company reissued an "overweight" rating and issued a $33.00 price objective (up from $26.00) on shares of Allegro MicroSystems in a research note on Monday, June 16th. Barclays lifted their target price on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Finally, Needham & Company LLC reduced their price target on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $30.00.

Allegro MicroSystems Trading Up 1.7%

The firm has a market cap of $6.19 billion, a price-to-earnings ratio of -86.00 and a beta of 1.67. The business has a fifty day moving average of $25.05 and a two-hundred day moving average of $24.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.66 and a current ratio of 4.30.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.06 EPS 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 company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same period in the previous year, the business earned $0.25 earnings per share. Allegro MicroSystems's quarterly revenue was down 19.9% compared to the same quarter last year. As a group, equities analysts expect that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Institutional Trading of Allegro MicroSystems

Several institutional investors and hedge funds have recently made changes to their positions in ALGM. Fifth Third Bancorp raised its stake in Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after purchasing an additional 504 shares during the last quarter. UMB Bank n.a. grew 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 buying an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $40,000. Venturi Wealth Management LLC acquired a new stake in Allegro MicroSystems during the fourth quarter worth approximately $47,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Allegro MicroSystems in the 1st quarter worth approximately $71,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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.

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