Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $31.00 at Mizuho

Allegro MicroSystems (NASDAQ:ALGM) had its target price increased by Mizuho from $28.00 to $31.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts also recently weighed in on the company. Wells Fargo & Company increased their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Barclays increased their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Morgan Stanley lifted their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus target price of $31.20.

Allegro MicroSystems Trading Up 2.3 %

NASDAQ ALGM opened at $27.19 on Monday. The firm’s fifty day moving average price is $25.06 and its 200 day moving average price is $22.93. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a market capitalization of $5.01 billion, a price-to-earnings ratio of -77.69 and a beta of 1.67.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors have recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $40,000. Venturi Wealth Management LLC acquired a new stake in Allegro MicroSystems in the fourth quarter valued at $47,000. Quarry LP purchased a new stake in shares of Allegro MicroSystems during the 4th quarter worth $79,000. Sterling Capital Management LLC grew its stake in shares of Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock worth $161,000 after purchasing an additional 2,758 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Allegro MicroSystems in the 4th quarter valued at about $186,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Company Profile

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.