Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $30.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price hoisted by Barclays from $25.00 to $30.00 in a report released on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities analysts also recently issued research reports about the company. Wells Fargo & Company increased their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. Morgan Stanley assumed coverage on Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. Finally, Needham & Company LLC lowered their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.91.

Allegro MicroSystems Trading Up 4.8 %

NASDAQ:ALGM opened at $24.84 on Friday. The stock’s 50 day moving average price is $21.89 and its 200 day moving average price is $23.21. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26. The company has a market capitalization of $4.57 billion, a P/E ratio of -177.42 and a beta of 1.65. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The firm had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. The firm’s revenue was down 32.0% on a year-over-year basis.

Insider Buying and Selling

In related news, SVP Michael Doogue acquired 15,000 shares of the business’s stock in a transaction on Monday, November 18th. The stock was bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ALGM. FMR LLC lifted its holdings in shares of Allegro MicroSystems by 43.3% during the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after acquiring an additional 8,534,089 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Allegro MicroSystems in the third quarter valued at $71,289,000. JPMorgan Chase & Co. increased its stake in shares of Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after buying an additional 1,884,578 shares in the last quarter. State Street Corp increased its stake in shares of Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after buying an additional 1,615,351 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after buying an additional 1,187,792 shares in the last quarter. 56.45% of the stock is owned by 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.