Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $45.00

Allegro MicroSystems (NASDAQ:ALGM) had its price target hoisted by Needham & Company LLC from $41.00 to $45.00 in a research note issued to investors on Thursday morning, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other research analysts have also weighed in on the stock. Bank of America lifted their price target on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Mizuho set a $38.00 price objective on shares of Allegro MicroSystems in a report on Tuesday, December 16th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $45.00 target price on shares of Allegro MicroSystems in a research note on Thursday. Wall Street Zen raised Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, January 18th. Finally, Evercore boosted their price target on Allegro MicroSystems from $37.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Allegro MicroSystems Price Performance

Shares of ALGM stock opened at $38.93 on Thursday. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30. Allegro MicroSystems has a 12-month low of $16.38 and a 12-month high of $43.86. The firm has a fifty day moving average of $33.13 and a 200-day moving average of $30.45. The firm has a market capitalization of $7.21 billion, a price-to-earnings ratio of -486.63 and a beta of 1.63.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 by $0.01. Allegro MicroSystems had a positive return on equity of 4.35% and a negative net margin of 1.57%.The business had revenue of $229.21 million for the quarter, compared to the consensus estimate of $220.78 million. During the same quarter last year, the business posted $0.07 EPS. The firm’s revenue was up 28.9% compared to the same quarter last year. On average, equities research analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Hantz Financial Services Inc. grew its stake in Allegro MicroSystems by 86.9% in the third quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after purchasing an additional 419 shares in the last quarter. Quent Capital LLC acquired a new stake in shares of Allegro MicroSystems in the 3rd quarter valued at approximately $28,000. Kestra Advisory Services LLC bought a new position in shares of Allegro MicroSystems in the fourth quarter valued at $34,000. CIBC Private Wealth Group LLC grew its stake in shares of Allegro MicroSystems by 14,844.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock valued at $35,000 after buying an additional 1,336 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Allegro MicroSystems by 85.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock worth $38,000 after buying an additional 669 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.