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Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $45.00

Allegro MicroSystems logo with Computer and Technology background

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its price target raised by stock analysts at Bank of America from $38.00 to $45.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "action list buy" rating on the stock. Bank of America's price objective points to a potential upside of 17.87% from the stock's previous close.

Other equities analysts have also recently issued research reports about the stock. Barclays increased their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Mizuho increased their price objective on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a report on Tuesday. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $33.00 target price (up previously from $26.00) on shares of Allegro MicroSystems in a research note on Monday, June 16th. Needham & Company LLC reduced their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Morgan Stanley raised their target price 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. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $32.50.

View Our Latest Stock Report on ALGM

Allegro MicroSystems Trading Up 3.5%

Shares of ALGM stock traded up $1.29 during trading hours on Thursday, reaching $38.18. 1,070,674 shares of the stock traded hands, compared to its average volume of 2,662,911. Allegro MicroSystems has a 1-year low of $16.38 and a 1-year high of $38.42. The business has a fifty day moving average price of $28.46 and a 200 day moving average price of $25.24. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $7.06 billion, a PE ratio of -97.79 and a beta of 1.75.

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

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors have recently modified their holdings of the business. Invesco Ltd. raised its stake in Allegro MicroSystems by 131.5% during the first 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 in the last quarter. Kodai Capital Management LP acquired a new stake in Allegro MicroSystems during the 1st quarter worth approximately $41,610,000. Schonfeld Strategic Advisors LLC acquired a new stake in Allegro MicroSystems during the 4th quarter worth approximately $35,433,000. Paloma Partners Management Co boosted its position in Allegro MicroSystems by 312.8% during the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock worth $45,989,000 after buying an additional 1,594,170 shares during the period. Finally, Segall Bryant & Hamill LLC acquired a new stake in Allegro MicroSystems during the 1st quarter worth approximately $32,959,000. Institutional investors own 56.45% of the company's stock.

About Allegro MicroSystems

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Allegro MicroSystems (NASDAQ:ALGM)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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