Allegro MicroSystems (NASDAQ:ALGM) Sets New 12-Month High - Still a Buy?

Key Points

• Shares hit a new 52-week high — Allegro MicroSystems traded as high as $50.31 (last trade $49.68) on Wednesday on roughly 2.97 million shares traded.
• Analysts are broadly bullish: 10 Buy, 1 Hold, 1 Sell leading to a consensus "Moderate Buy" and an average target of $45, with recent upgrades including Morgan Stanley to "overweight" and a $51 target.
• Company fundamentals include a market cap of $9.21 billion, a negative trailing P/E of -621, a beta of 2.02, strong liquidity (current ratio 3.65, quick ratio 2.39) and about 56.45% institutional ownership.

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The company traded as high as $50.31 and last traded at $49.68, with a volume of 2965997 shares trading hands. The stock had previously closed at $49.48.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Needham & Company LLC upped their target price on shares of Allegro MicroSystems from $41.00 to $45.00 and gave the stock a "buy" rating in a research note on Thursday, February 19th. Bank of America boosted their price objective on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, January 21st. Wells Fargo & Company upped their price objective on Allegro MicroSystems from $45.00 to $48.00 and gave the company an "overweight" rating in a research report on Wednesday, February 11th. Wall Street Zen upgraded Allegro MicroSystems from a "hold" rating to a "buy" rating in a research note on Sunday, January 18th. Finally, Morgan Stanley raised Allegro MicroSystems from an "equal weight" rating to an "overweight" rating and set a $51.00 target price for the company in a report on Friday, February 13th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $45.00.

Allegro MicroSystems Stock Performance

The business's fifty day moving average price is $35.99 and its 200-day moving average price is $32.51. The stock has a market cap of $9.21 billion, a PE ratio of -621.00 and a beta of 2.02. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.39 and a current ratio of 3.65.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its stake in Allegro MicroSystems by 2.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,713 shares of the company's stock valued at $430,000 after buying an additional 381 shares during the last quarter. Hantz Financial Services Inc. lifted its holdings in shares of Allegro MicroSystems by 86.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company's stock valued at $26,000 after buying an additional 419 shares during the period. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Allegro MicroSystems by 3.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 14,268 shares of the company's stock worth $376,000 after buying an additional 419 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Allegro MicroSystems by 2.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 22,499 shares of the company's stock worth $657,000 after buying an additional 466 shares during the last quarter. Finally, State of Michigan Retirement System grew its holdings in shares of Allegro MicroSystems by 2.0% in the first quarter. State of Michigan Retirement System now owns 29,900 shares of the company's stock worth $943,000 after acquiring an additional 600 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc NASDAQ: ALGM is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro's product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.