Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) shares gapped up before the market opened on Monday after UBS Group raised their price target on the stock from $25.00 to $35.00. The stock had previously closed at $28.65, but opened at $29.90. UBS Group currently has a buy rating on the stock. Allegro MicroSystems shares last traded at $30.54, with a volume of 192,845 shares.
Several other research firms have also issued reports on ALGM. Morgan Stanley increased their price objective on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Monday, June 9th. Needham & Company LLC lowered their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Mizuho boosted their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. Barclays raised their target price 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. Finally, Wells Fargo & Company upped their price objective on Allegro MicroSystems from $26.00 to $33.00 and gave the company an "overweight" rating in a report on Monday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $30.00.
Get Our Latest Report on ALGM
Institutional Investors Weigh In On Allegro MicroSystems
A number of hedge funds and other institutional investors have recently bought and sold shares of ALGM. Raymond James Financial Inc. acquired a new position in Allegro MicroSystems during the 4th quarter worth approximately $15,145,000. Schonfeld Strategic Advisors LLC bought a new position in Allegro MicroSystems in the fourth quarter valued at $35,433,000. Keybank National Association OH grew its position in Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after purchasing an additional 1,522 shares in the last quarter. Victory Capital Management Inc. increased its stake in Allegro MicroSystems by 25.7% in the 4th quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock valued at $864,000 after buying an additional 8,075 shares during the last quarter. Finally, Venturi Wealth Management LLC bought a new stake in Allegro MicroSystems during the 4th quarter worth about $47,000. Institutional investors and hedge funds own 56.45% of the company's stock.
Allegro MicroSystems Stock Performance
The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The stock's 50 day moving average price is $23.40 and its 200 day moving average price is $23.78. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of -89.36 and a beta of 1.67.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company had revenue of $192.82 million during the quarter, compared to the consensus estimate of $185.35 million. During the same quarter in the prior year, the firm posted $0.25 EPS. The firm's revenue for the quarter was down 19.9% compared to the same quarter last year. Analysts expect that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.
About Allegro MicroSystems
(
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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
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