UBS Group Forecasts Strong Price Appreciation for Allegro MicroSystems (NASDAQ:ALGM) Stock

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its price objective raised by equities researchers at UBS Group from $25.00 to $35.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. UBS Group's price target points to a potential upside of 14.04% from the company's current price.

ALGM has been the topic of a number of other research reports. Mizuho raised 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. Needham & Company LLC dropped their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Wells Fargo & Company upped their price target on shares of Allegro MicroSystems from $26.00 to $33.00 and gave the company an "overweight" rating in a research report on Monday. Morgan Stanley raised their price objective on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, June 9th. Finally, Barclays upped their target price on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Allegro MicroSystems presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.

Allegro MicroSystems Trading Up 7.1%

Allegro MicroSystems stock traded up $2.04 during trading hours on Monday, reaching $30.69. The company had a trading volume of 274,173 shares, compared to its average volume of 3,074,856. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of -87.68 and a beta of 1.67. Allegro MicroSystems has a 12-month low of $16.38 and a 12-month 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 has a 50-day moving average price of $23.40 and a 200 day moving average price of $23.78.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (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 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% on a year-over-year basis. During the same period last year, the business earned $0.25 earnings per share. Equities analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Osterweis Capital Management Inc. purchased a new stake in shares of Allegro MicroSystems in the 1st quarter worth approximately $4,506,000. Rhumbline Advisers lifted its holdings in Allegro MicroSystems by 1.4% during the first quarter. Rhumbline Advisers now owns 330,263 shares of the company's stock worth $8,299,000 after buying an additional 4,428 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Allegro MicroSystems by 31.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company's stock valued at $8,911,000 after acquiring an additional 85,607 shares in the last quarter. S Squared Technology LLC increased its holdings in shares of Allegro MicroSystems by 8.2% in the 1st quarter. S Squared Technology LLC now owns 397,451 shares of the company's stock valued at $9,988,000 after acquiring an additional 30,000 shares during the period. Finally, Millennium Management LLC raised its position in shares of Allegro MicroSystems by 81.4% in the 1st quarter. Millennium Management LLC now owns 2,402,978 shares of the company's stock worth $60,387,000 after acquiring an additional 1,078,025 shares in the last quarter. Institutional investors own 56.45% of the company's stock.

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.

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