Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Up After Analyst Upgrade

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report)'s share price gapped up prior to trading 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 traded.

Several other research firms have also recently issued reports on ALGM. Morgan Stanley raised their price target on shares of 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 dropped their price target 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. Wells Fargo & Company reissued 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. Mizuho raised their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, March 24th. Finally, Barclays boosted their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $30.00.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors have recently modified their holdings of the business. Invesco Ltd. lifted its holdings in Allegro MicroSystems by 131.5% in 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 during the last quarter. Kodai Capital Management LP acquired a new stake in shares of Allegro MicroSystems during the 1st quarter worth approximately $41,610,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Allegro MicroSystems in 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 valued at $45,989,000 after purchasing an additional 1,594,170 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new position in Allegro MicroSystems during the 1st quarter worth $32,959,000. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66. The stock has a market capitalization of $5.74 billion, a price-to-earnings ratio of 621.40 and a beta of 1.67. The company has a 50-day simple moving average of $23.96 and a two-hundred day simple moving average of $23.94.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $192.82 million during 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 quarterly revenue was down 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.25 earnings per share. On average, equities research analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current 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.