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

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its price objective raised by investment analysts at UBS Group from $35.00 to $42.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's target price would suggest a potential upside of 11.97% from the company's current price.

ALGM has been the subject of several other reports. Needham & Company LLC cut their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 9th. Barclays increased their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Morgan Stanley increased their price objective on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, June 9th. Mizuho increased their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. Finally, Bank of America started coverage on Allegro MicroSystems in a report on Monday, June 16th. They set a "buy" rating and a $38.00 price objective for the company. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $32.50.

Allegro MicroSystems Stock Performance

ALGM stock traded up $0.62 on Monday, reaching $37.51. The company's stock had a trading volume of 3,996,576 shares, compared to its average volume of 2,680,981. Allegro MicroSystems has a 52 week low of $16.38 and a 52 week high of $38.42. The company has a market capitalization of $6.94 billion, a P/E ratio of -96.18 and a beta of 1.75. The firm has a fifty day moving average of $28.46 and a two-hundred day moving average of $25.24. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 positive return on equity of 1.04% and a negative net margin of 10.07%. The firm's quarterly revenue was down 19.9% on a year-over-year basis. During the same period last year, the company posted $0.25 EPS. As a group, analysts predict that Allegro MicroSystems will post 0.01 EPS for the current fiscal year.

Institutional Trading of Allegro MicroSystems

Several hedge funds and other institutional investors have recently modified their holdings of ALGM. Voya Investment Management LLC lifted its stake in Allegro MicroSystems by 4,384.6% in the 1st quarter. Voya Investment Management LLC now owns 669,012 shares of the company's stock valued at $16,812,000 after purchasing an additional 654,094 shares during the last quarter. Osterweis Capital Management Inc. bought a new position in Allegro MicroSystems in the 1st quarter valued at about $4,506,000. Rhumbline Advisers increased its holdings in shares of 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 purchasing an additional 4,428 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Allegro MicroSystems by 31.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company's stock worth $8,911,000 after purchasing an additional 85,607 shares during the period. Finally, S Squared Technology LLC increased its holdings in shares of Allegro MicroSystems by 8.2% during the first quarter. S Squared Technology LLC now owns 397,451 shares of the company's stock worth $9,988,000 after purchasing an additional 30,000 shares during the period. Institutional investors and hedge funds own 56.45% of the company's stock.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.