Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its target price raised by Bank of America from $38.00 to $45.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "action list buy" rating on the stock. Bank of America's price target would suggest a potential upside of 22.42% from the company's current price.
A number of other equities analysts have also recently issued reports on ALGM. 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. UBS Group increased their target price on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Mizuho increased their target price on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Wells Fargo & Company reiterated an "overweight" rating and set a $33.00 target price (up previously from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. Finally, Barclays increased their target price on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems has an average rating of "Buy" and a consensus price target of $32.50.
View Our Latest Stock Analysis on ALGM
Allegro MicroSystems Price Performance
Shares of ALGM stock traded down $0.75 during mid-day trading on Thursday, reaching $36.76. The company's stock had a trading volume of 2,062,612 shares, compared to its average volume of 2,691,959. Allegro MicroSystems has a 1-year low of $16.38 and a 1-year high of $38.45. The company has a market cap 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 quick ratio of 2.66 and a current ratio of 4.30. The firm's 50-day moving average is $29.18 and its two-hundred day moving average is $25.49.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The company had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. During the same quarter in the prior year, the company posted $0.25 EPS. The business's revenue was down 19.9% on a year-over-year basis. On average, research analysts predict that Allegro MicroSystems will post 0.01 earnings per share for the current year.
Institutional Investors Weigh In On Allegro MicroSystems
A number of hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors grew its holdings in Allegro MicroSystems by 6.5% during the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock worth $126,093,000 after acquiring an additional 353,776 shares during the last quarter. Invesco Ltd. grew its holdings in Allegro MicroSystems by 131.5% during the 1st quarter. Invesco Ltd. now owns 4,835,641 shares of the company's stock worth $121,520,000 after acquiring an additional 2,746,880 shares during the last quarter. Wellington Management Group LLP grew its holdings in Allegro MicroSystems by 30.5% during the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after acquiring an additional 934,048 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in Allegro MicroSystems by 50.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock worth $59,756,000 after acquiring an additional 911,993 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Allegro MicroSystems by 6.4% during the 1st quarter. Principal Financial Group Inc. now owns 2,416,102 shares of the company's stock worth $60,717,000 after acquiring an additional 144,824 shares during the last quarter. 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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