Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Bank of America

Equities researchers at Bank of America assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) in a report issued on Monday, MarketBeat.com reports. The firm set a "buy" rating and a $38.00 price target on the stock. Bank of America's target price would indicate a potential upside of 24.36% from the company's current price.

Other analysts also recently issued research reports about the company. UBS Group boosted their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Mizuho upped their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. Morgan Stanley lifted their price objective on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, June 9th. Needham & Company LLC decreased their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, Barclays lifted 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. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems presently has an average rating of "Moderate Buy" and an average price target of $30.00.

Allegro MicroSystems Price Performance

NASDAQ:ALGM traded up $1.91 during trading hours on Monday, reaching $30.56. 232,316 shares of the company's stock were exchanged, compared to its average volume of 2,606,737. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $5.65 billion, a P/E ratio of -87.30 and a beta of 1.67. Allegro MicroSystems has a 12 month low of $16.38 and a 12 month high of $33.26. The business's 50-day simple moving average is $23.40 and its two-hundred day simple moving average is $23.78.

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. The business had revenue of $192.82 million for the quarter, compared to analysts' expectations of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company's quarterly revenue was down 19.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 EPS. Sell-side analysts expect that Allegro MicroSystems will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Allegro MicroSystems

Several large investors have recently bought and sold shares of ALGM. Osterweis Capital Management Inc. acquired a new stake in Allegro MicroSystems during the first quarter worth about $4,506,000. Rhumbline Advisers increased its position in shares of Allegro MicroSystems by 1.4% during the first quarter. Rhumbline Advisers now owns 330,263 shares of the company's stock valued at $8,299,000 after purchasing an additional 4,428 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Allegro MicroSystems by 31.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company's stock valued at $8,911,000 after purchasing an additional 85,607 shares in the last quarter. S Squared Technology LLC lifted its position in Allegro MicroSystems by 8.2% in the first quarter. S Squared Technology LLC now owns 397,451 shares of the company's stock worth $9,988,000 after purchasing an additional 30,000 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of Allegro MicroSystems by 81.4% during the 1st quarter. Millennium Management LLC now owns 2,402,978 shares of the company's stock worth $60,387,000 after acquiring an additional 1,078,025 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.