Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated by Analysts at Jefferies Financial Group

Stock analysts at Jefferies Financial Group began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) in a report released on Monday, Marketbeat reports. The firm set a "buy" rating and a $37.00 price target on the stock. Jefferies Financial Group's price objective would indicate a potential upside of 35.68% from the stock's previous close.

Several other brokerages also recently commented on ALGM. Barclays dropped their target price on Allegro MicroSystems from $35.00 to $32.00 and set an "overweight" rating on the stock in a report on Friday. TD Cowen dropped their target price on Allegro MicroSystems from $35.00 to $32.00 and set a "buy" rating on the stock in a report on Friday. Evercore ISI initiated coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They set an "outperform" rating and a $36.00 target price on the stock. Needham & Company LLC dropped their target price on Allegro MicroSystems from $40.00 to $33.00 and set a "buy" rating on the stock in a report on Friday. Finally, Mizuho dropped their target price on Allegro MicroSystems from $45.00 to $35.00 and set a "buy" rating on the stock in a report on Friday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.11.

Allegro MicroSystems Trading Up 1.9 %

Shares of Allegro MicroSystems stock traded up $0.51 during trading hours on Monday, reaching $27.27. The stock had a trading volume of 1,678,971 shares, compared to its average volume of 1,720,808. The firm has a 50 day simple moving average of $28.10 and a two-hundred day simple moving average of $28.37. The firm has a market capitalization of $5.27 billion, a price-to-earnings ratio of 34.94 and a beta of 1.72. The company has a current ratio of 4.85, a quick ratio of 3.48 and a debt-to-equity ratio of 0.22. Allegro MicroSystems has a 1 year low of $23.64 and a 1 year high of $53.05.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Allegro MicroSystems by 5.1% in the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company's stock worth $235,140,000 after acquiring an additional 355,814 shares in the last quarter. South Dakota Investment Council acquired a new position in shares of Allegro MicroSystems in the 4th quarter worth approximately $1,059,000. JPMorgan Chase & Co. grew its position in shares of Allegro MicroSystems by 21.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company's stock worth $129,435,000 after acquiring an additional 727,535 shares in the last quarter. Sei Investments Co. grew its position in shares of Allegro MicroSystems by 42.5% in the 3rd quarter. Sei Investments Co. now owns 391,144 shares of the company's stock worth $12,494,000 after acquiring an additional 116,603 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Allegro MicroSystems by 51.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company's stock worth $3,941,000 after acquiring an additional 41,999 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.