Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Average Recommendation of “Moderate Buy” by Brokerages

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has been given a consensus rating of “Moderate Buy” by the nine ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $28.56.

Several equities analysts recently commented on the stock. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Wells Fargo & Company raised 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. Morgan Stanley upped their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. UBS Group cut their price target on Allegro MicroSystems from $30.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Mizuho upped their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th.

Allegro MicroSystems Stock Up 1.7 %

Shares of NASDAQ ALGM opened at $19.07 on Friday. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -54.49 and a beta of 1.53. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems has a 12 month low of $16.38 and a 12 month high of $33.26. The stock has a 50-day moving average price of $23.16 and a two-hundred day moving average price of $22.75.

Institutional Trading of Allegro MicroSystems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALGM. JPMorgan Chase & Co. increased its position 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 worth $256,851,000 after buying an additional 1,884,578 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in Allegro MicroSystems during the 4th quarter worth about $35,433,000. Paloma Partners Management Co lifted its stake in shares of Allegro MicroSystems by 312.8% in the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company’s stock valued at $45,989,000 after purchasing an additional 1,594,170 shares during the period. Norges Bank bought a new stake in shares of Allegro MicroSystems during the 4th quarter valued at about $26,926,000. Finally, Meridiem Capital Partners LP bought a new stake in Allegro MicroSystems in the fourth quarter worth approximately $25,140,000. Institutional investors and hedge funds 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.