Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Consensus Rating of “Moderate Buy” by Analysts

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $30.70.

A number of analysts recently commented on the company. Barclays lifted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Morgan Stanley boosted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Loop Capital initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th.

Allegro MicroSystems Trading Up 0.2 %

NASDAQ:ALGM opened at $25.47 on Friday. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26. The firm has a 50-day moving average price of $24.48 and a two-hundred day moving average price of $22.76. The firm has a market cap of $4.69 billion, a price-to-earnings ratio of -72.77 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds have recently made changes to their positions in the stock. New York State Teachers Retirement System boosted its stake in Allegro MicroSystems by 97.4% in the 3rd quarter. New York State Teachers Retirement System now owns 22,900 shares of the company’s stock worth $534,000 after purchasing an additional 11,300 shares during the period. Van ECK Associates Corp purchased a new position in Allegro MicroSystems during the third quarter valued at approximately $172,000. Amalgamated Bank increased its holdings in Allegro MicroSystems by 99.1% during the 3rd quarter. Amalgamated Bank now owns 72,399 shares of the company’s stock worth $1,687,000 after acquiring an additional 36,042 shares during the period. Principal Financial Group Inc. increased its stake in Allegro MicroSystems by 14.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock worth $58,244,000 after acquiring an additional 308,943 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Allegro MicroSystems in the 3rd quarter worth approximately $1,890,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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.