Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $34.85 and last traded at $34.40, with a volume of 2416448 shares trading hands. The stock had previously closed at $34.19.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. Needham & Company LLC dropped their price objective on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Morgan Stanley upped 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 upped their price objective on shares of Allegro MicroSystems from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Bank of America assumed coverage on shares of Allegro MicroSystems in a research note on Monday, June 16th. They set a "buy" rating and a $38.00 price objective for the company. Finally, 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. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Allegro MicroSystems presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.
Read Our Latest Stock Report on ALGM
Allegro MicroSystems Stock Up 0.7%
The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.66 and a current ratio of 4.30. The firm has a market cap of $6.65 billion, a PE ratio of -92.24 and a beta of 1.75. The stock has a fifty day moving average price of $27.43 and a 200-day moving average price of $24.96.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (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 business had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. During the same quarter in the previous year, the business earned $0.25 EPS. The company's revenue for the quarter was down 19.9% on a year-over-year basis. Research analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.
Hedge Funds Weigh In On Allegro MicroSystems
A number of institutional investors and hedge funds have recently bought and sold shares of ALGM. Fifth Third Bancorp boosted its holdings in Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after acquiring an additional 504 shares during the period. UMB Bank n.a. boosted its holdings in 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 acquiring an additional 578 shares during the period. TD Waterhouse Canada Inc. purchased a new position in Allegro MicroSystems in the 4th quarter worth approximately $40,000. DekaBank Deutsche Girozentrale purchased a new position in Allegro MicroSystems in the 1st quarter worth approximately $71,000. Finally, Quarry LP purchased a new position in Allegro MicroSystems in the 4th quarter worth approximately $79,000. Hedge funds and other institutional investors own 56.45% of the company's stock.
About Allegro MicroSystems
(
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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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