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.
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