Allegro MicroSystems (NASDAQ:ALGM) Reaches New 1-Year High After Analyst Upgrade

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report)'s share price reached a new 52-week high on Tuesday after Bank of America raised their price target on the stock from $38.00 to $45.00. Bank of America currently has an action list buy rating on the stock. Allegro MicroSystems traded as high as $36.16 and last traded at $36.08, with a volume of 206019 shares. The stock had previously closed at $35.40.

Other analysts have also issued research reports about the company. Needham & Company LLC decreased their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 9th. Barclays increased their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Wells Fargo & Company reiterated an "overweight" rating and set a $33.00 price objective (up previously from $26.00) on shares of Allegro MicroSystems in a report on Monday, June 16th. Mizuho upped their target price on Allegro MicroSystems from $31.00 to $37.00 and gave the company an "outperform" rating in a research report on Tuesday. Finally, UBS Group upped their target price on Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Monday. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $32.50.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGM. Victory Capital Management Inc. grew its position in Allegro MicroSystems by 25.7% during the 4th quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock worth $864,000 after purchasing an additional 8,075 shares during the period. M&T Bank Corp grew its position in Allegro MicroSystems by 8.3% during the 4th quarter. M&T Bank Corp now owns 35,503 shares of the company's stock worth $776,000 after purchasing an additional 2,729 shares during the period. Arizona State Retirement System grew its position in shares of Allegro MicroSystems by 7.6% during the 4th quarter. Arizona State Retirement System now owns 37,293 shares of the company's stock valued at $815,000 after acquiring an additional 2,645 shares during the period. Raymond James Financial Inc. purchased a new position in Allegro MicroSystems in the 4th quarter valued at about $15,145,000. Finally, Wealthfront Advisers LLC purchased a new position in Allegro MicroSystems in the 4th quarter valued at about $2,919,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

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 stock's 50 day moving average is $29.18 and its two-hundred day moving average is $25.45. The stock has a market capitalization of $6.80 billion, a PE ratio of -94.25 and a beta of 1.75.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping 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 business had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. During the same period last year, the company posted $0.25 EPS. The business's revenue was down 19.9% on a year-over-year basis. On average, equities analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Allegro MicroSystems Company Profile

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.