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Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $42.00

Allegro MicroSystems logo with Computer and Technology background

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its price objective increased by research analysts at UBS Group from $35.00 to $42.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. UBS Group's price objective suggests a potential upside of 18.64% from the company's current price.

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

Get Our Latest Stock Report on ALGM

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock traded down $0.53 during trading on Monday, hitting $35.40. The stock had a trading volume of 1,294,626 shares, compared to its average volume of 2,654,396. Allegro MicroSystems has a 1 year low of $16.38 and a 1 year high of $36.08. 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 stock's 50 day moving average is $27.75 and its two-hundred day moving average is $25.08. The stock has a market cap of $6.55 billion, a price-to-earnings ratio of -90.77 and a beta of 1.75.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its position in Allegro MicroSystems by 6.5% during the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock valued at $126,093,000 after buying an additional 353,776 shares during the period. Invesco Ltd. boosted its position in Allegro MicroSystems by 131.5% during the first quarter. Invesco Ltd. now owns 4,835,641 shares of the company's stock valued at $121,520,000 after buying an additional 2,746,880 shares during the period. Wellington Management Group LLP boosted its position in Allegro MicroSystems by 30.5% during the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock valued at $87,302,000 after buying an additional 934,048 shares during the period. Adage Capital Partners GP L.L.C. boosted its position in Allegro MicroSystems by 50.1% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock valued at $59,756,000 after buying an additional 911,993 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Allegro MicroSystems by 6.4% during the first quarter. Principal Financial Group Inc. now owns 2,416,102 shares of the company's stock valued at $60,717,000 after buying an additional 144,824 shares during the period. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Company Profile

(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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