Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $30.70 Average PT from Analysts

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been assigned a consensus recommendation of “Moderate Buy” from the ten brokerages that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $30.70.

A number of research firms have commented on ALGM. Needham & Company LLC reissued a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company raised 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 research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. Barclays raised their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Morgan Stanley raised their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd.

Allegro MicroSystems Trading Down 2.1 %

NASDAQ:ALGM opened at $27.71 on Friday. The firm has a market capitalization of $5.10 billion, a price-to-earnings ratio of -79.17 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The business has a fifty day moving average price of $24.34 and a 200-day moving average price of $22.75. Allegro MicroSystems has a one year low of $18.59 and a one year high of $33.26.

Institutional Trading of Allegro MicroSystems

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its stake 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 in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Allegro MicroSystems during the third quarter valued at $71,289,000. JPMorgan Chase & Co. grew its holdings in shares of Allegro MicroSystems by 20.6% during 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 during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Allegro MicroSystems during the fourth quarter valued at $35,433,000. Finally, State Street Corp grew its holdings in shares of Allegro MicroSystems by 41.7% during 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 during the last quarter. Institutional investors 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.