Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its price objective hoisted by stock analysts at Morgan Stanley from $23.00 to $25.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's price target would suggest a potential downside of 15.73% from the company's previous close.
A number of other research firms have also recently weighed in on ALGM. UBS Group increased their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Needham & Company LLC dropped their price objective on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Barclays increased their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, Mizuho lifted their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems presently has an average rating of "Moderate Buy" and an average price target of $27.63.
View Our Latest Stock Analysis on ALGM
Allegro MicroSystems Trading Up 3.0%
Shares of ALGM traded up $0.86 during mid-day trading on Monday, reaching $29.67. The company's stock had a trading volume of 694,247 shares, compared to its average volume of 2,604,920. Allegro MicroSystems has a 52 week low of $16.38 and a 52 week high of $33.26. The stock has a market cap of $5.49 billion, a PE ratio of -84.72 and a beta of 1.67. 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 company's fifty day moving average price is $22.63 and its two-hundred day moving average price is $23.50.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly 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 during the quarter, compared to analyst estimates 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 revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. On average, analysts predict that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp boosted its position in Allegro MicroSystems by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 18,192 shares of the company's stock worth $398,000 after purchasing an additional 491 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after acquiring an additional 504 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after acquiring an additional 578 shares during the period. CWM LLC grew its position in Allegro MicroSystems by 22.2% in the 1st quarter. CWM LLC now owns 4,299 shares of the company's stock valued at $108,000 after acquiring an additional 781 shares during the last quarter. Finally, Xponance Inc. increased its holdings in Allegro MicroSystems by 5.4% during the 1st quarter. Xponance Inc. now owns 15,668 shares of the company's stock worth $394,000 after purchasing an additional 806 shares during the period. 56.45% of the stock is currently owned by hedge funds and other institutional investors.
About Allegro MicroSystems
(
Get Free Report)
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.
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