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

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its target price upped by UBS Group from $35.00 to $42.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's price target indicates a potential upside of 18.86% from the company's previous close.

Several other research firms have also commented on ALGM. Barclays increased their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Mizuho increased their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. Morgan Stanley increased their price target on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research report on Monday, June 9th. Wells Fargo & Company reiterated an "overweight" rating and issued a $33.00 price target (up from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. Finally, 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 research report on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Allegro MicroSystems presently has a consensus rating of "Moderate Buy" and an average price target of $30.88.

Allegro MicroSystems Price Performance

Shares of Allegro MicroSystems stock traded down $0.60 on Monday, hitting $35.34. 363,994 shares of the company were exchanged, compared to its average volume of 2,650,814. The stock has a market capitalization of $6.53 billion, a price-to-earnings ratio of -90.53 and a beta of 1.75. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average price of $27.43 and a 200 day moving average price of $24.99. Allegro MicroSystems has a 1-year low of $16.38 and a 1-year high of $36.08.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The company's revenue was down 19.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 earnings per share. As a group, sell-side analysts predict that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp lifted its holdings in Allegro MicroSystems by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company's stock worth $398,000 after buying an additional 491 shares during the last quarter. 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 valued at $33,000 after purchasing an additional 504 shares during the period. UMB Bank n.a. increased its position in shares of Allegro MicroSystems by 68.6% during the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after purchasing an additional 578 shares during the period. CWM LLC increased its position in shares of Allegro MicroSystems by 22.2% during the 1st 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 period. Finally, Xponance Inc. boosted its stake in shares of 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 acquiring an additional 806 shares in the last quarter. Hedge funds and other 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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