UBS Group Issues Pessimistic Forecast for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM - Free Report) had its price target cut by UBS Group from $30.00 to $22.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also issued reports on ALGM. Barclays lowered their target price on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Mizuho lifted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. Needham & Company LLC restated a "buy" rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Finally, Morgan Stanley upped their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.56.

Allegro MicroSystems Stock Performance

ALGM traded up $0.52 on Tuesday, hitting $19.35. The company had a trading volume of 154,041 shares, compared to its average volume of 2,475,300. Allegro MicroSystems has a 1-year low of $16.38 and a 1-year high of $33.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The company's fifty day moving average price is $23.04 and its 200 day moving average price is $22.73. The stock has a market cap of $3.56 billion, a price-to-earnings ratio of -55.34 and a beta of 1.53.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Mackenzie Financial Corp boosted its stake 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 in the last quarter. Fifth Third Bancorp lifted its position in 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 buying 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. Avior Wealth Management LLC raised its stake in shares of Allegro MicroSystems by 5.3% in the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after acquiring an additional 737 shares during the last quarter. Finally, CWM LLC grew its stake in shares of Allegro MicroSystems by 22.2% during the first quarter. CWM LLC now owns 4,299 shares of the company's stock valued at $108,000 after purchasing an additional 781 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

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.