Allegro MicroSystems (NASDAQ:ALGM) Stock Price Expected to Rise, Mizuho Analyst Says

Allegro MicroSystems (NASDAQ:ALGM) had its price objective lifted by research analysts at Mizuho from $28.00 to $31.00 in a note issued to investors on Monday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price objective would indicate a potential upside of 14.22% from the company’s current price.

Several other equities research analysts have also recently weighed in on ALGM. Barclays increased their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC restated a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Morgan Stanley upped 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, Wells Fargo & Company raised their price target 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. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Allegro MicroSystems has an average rating of “Moderate Buy” and an average price target of $31.20.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $27.14 on Monday. The firm has a fifty day simple moving average of $25.15 and a two-hundred day simple moving average of $22.97. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The company has a market capitalization of $5.00 billion, a PE ratio of -77.54 and a beta of 1.67. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently modified their holdings of ALGM. Mackenzie Financial Corp raised its stake in Allegro MicroSystems by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock worth $398,000 after buying an additional 491 shares in the last quarter. Avior Wealth Management LLC grew its holdings in shares of Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after acquiring an additional 737 shares during the period. Prosperity Financial Group Inc. raised its position in shares of Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after acquiring an additional 784 shares in the last quarter. Keybank National Association OH lifted its stake in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after purchasing an additional 1,522 shares during the period. Finally, Natixis Advisors LLC boosted its position in shares of Allegro MicroSystems by 5.7% during the third quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock valued at $700,000 after purchasing an additional 1,625 shares in the last quarter. 56.45% of the stock is 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.