Barclays Issues Positive Forecast for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its price objective raised by Barclays from $25.00 to $30.00 in a report released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently commented on ALGM. Needham & Company LLC dropped their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Loop Capital initiated coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target on the stock. Finally, Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price target for the company. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus price target of $30.91.

Allegro MicroSystems Stock Up 4.8 %

Shares of ALGM stock opened at $24.84 on Friday. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The stock has a market cap of $4.57 billion, a P/E ratio of -177.42 and a beta of 1.65. The stock has a 50 day moving average of $21.83 and a 200 day moving average of $23.28. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42.

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

Insider Activity

In related news, SVP Michael Doogue acquired 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The shares were purchased at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the transaction, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. This represents a 6.49 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently modified their holdings of ALGM. Avior Wealth Management LLC boosted its position 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 valued at $321,000 after acquiring an additional 737 shares during the last quarter. Prosperity Financial Group Inc. boosted its holdings in Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after purchasing an additional 784 shares during the last quarter. KBC Group NV boosted its holdings in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after purchasing an additional 1,042 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of Allegro MicroSystems by 9.2% during the 2nd quarter. ProShare Advisors LLC now owns 13,280 shares of the company’s stock worth $375,000 after buying an additional 1,123 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Allegro MicroSystems by 9.9% during the 2nd quarter. Victory Capital Management Inc. now owns 16,536 shares of the company’s stock valued at $467,000 after buying an additional 1,484 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

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.