Allegro MicroSystems (NASDAQ:ALGM) Stock Price Expected to Rise, Barclays Analyst Says

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its price objective boosted by analysts at Barclays from $22.00 to $23.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's target price indicates a potential downside of 7.37% from the company's current price.

Several other equities analysts have also recently commented on the stock. UBS Group cut their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Mizuho boosted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, March 24th. Wells Fargo & Company boosted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, January 13th. Needham & Company LLC lowered their price target on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Friday. Finally, Morgan Stanley boosted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $28.44.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM traded up $2.50 during trading hours on Friday, hitting $24.83. 4,476,785 shares of the company traded hands, compared to its average volume of 2,543,665. The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of -70.94 and a beta of 1.57. Allegro MicroSystems has a twelve month low of $16.38 and a twelve month high of $33.26. The firm has a 50-day moving average of $22.56 and a 200 day moving average of $22.75. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.05 by $0.01. The firm had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The business's quarterly revenue was down 19.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 EPS. On average, analysts forecast that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp increased its position in shares of Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after purchasing an additional 504 shares in the last quarter. UMB Bank n.a. grew its holdings in Allegro MicroSystems by 68.6% during the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after acquiring an additional 578 shares during the last quarter. TD Waterhouse Canada Inc. bought a new stake in Allegro MicroSystems during the 4th quarter worth about $40,000. Venturi Wealth Management LLC bought a new stake in Allegro MicroSystems during the 4th quarter worth about $47,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in Allegro MicroSystems during the 1st quarter worth about $71,000. Institutional investors and hedge funds own 56.45% of the company's stock.

About Allegro MicroSystems

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.