Allegro MicroSystems (NASDAQ:ALGM) Sets New 12-Month High on Analyst Upgrade

Allegro MicroSystems, Inc. (NASDAQ:ALGM) reached a new 52-week high during mid-day trading on Tuesday after Mizuho raised their price target on the stock from $31.00 to $37.00. Mizuho currently has an outperform rating on the stock. Allegro MicroSystems traded as high as $36.16 and last traded at $36.08, with a volume of 206019 shares trading hands. The stock had previously closed at $35.40.

Other analysts have also recently issued reports about the company. UBS Group upped their target price on Allegro MicroSystems from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company reissued an “overweight” rating and issued a $33.00 price objective (up from $26.00) on shares of Allegro MicroSystems in a report on Monday, June 16th. Barclays increased their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Finally, Morgan Stanley increased their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, June 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.63.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in Allegro MicroSystems in the 4th quarter valued at approximately $15,145,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $35,433,000. SG Americas Securities LLC purchased a new stake in shares of Allegro MicroSystems in the first quarter valued at approximately $805,000. Keybank National Association OH grew its holdings in Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock worth $257,000 after acquiring an additional 1,522 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Allegro MicroSystems by 18.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,883 shares of the company’s stock worth $668,000 after acquiring an additional 4,185 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Trading Up 2.7%

The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $28.11 and a 200 day simple moving average of $25.16. The company has a market cap of $6.72 billion, a price-to-earnings ratio of -93.20 and a beta of 1.75.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $185.35 million. During the same quarter last year, the business earned $0.25 earnings per share. The business’s revenue for the quarter was down 19.9% compared to the same quarter last year. On average, equities analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

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.