Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned a consensus rating of “Moderate Buy” from the ten analysts that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $31.20.

A number of equities research analysts have weighed in on the company. Barclays lifted their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Mizuho upped their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Wells Fargo & Company increased their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Morgan Stanley boosted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans increased its position in shares of Allegro MicroSystems by 111.5% during the third quarter. Thrivent Financial for Lutherans now owns 36,516 shares of the company’s stock worth $851,000 after purchasing an additional 19,251 shares in the last quarter. Intech Investment Management LLC acquired a new position in Allegro MicroSystems during the 3rd quarter valued at about $214,000. Charles Schwab Investment Management Inc. raised its stake in Allegro MicroSystems by 101.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,366,308 shares of the company’s stock valued at $31,835,000 after buying an additional 688,539 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Allegro MicroSystems by 111.6% in the third quarter. MetLife Investment Management LLC now owns 79,763 shares of the company’s stock worth $1,858,000 after acquiring an additional 42,068 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Allegro MicroSystems by 58.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,292 shares of the company’s stock worth $729,000 after acquiring an additional 11,556 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 6.9 %

Shares of NASDAQ ALGM opened at $21.32 on Tuesday. Allegro MicroSystems has a 52-week low of $18.59 and a 52-week high of $33.26. The firm has a market capitalization of $3.93 billion, a price-to-earnings ratio of -60.91 and a beta of 1.53. The stock has a 50 day moving average price of $25.20 and a 200 day moving average price of $23.12. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

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.