Allegro MicroSystems (NASDAQ:ALGM) Stock Price Up 7.2% Following Analyst Upgrade

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s share price was up 7.2% during trading on Friday after Needham & Company LLC raised their price target on the stock from $41.00 to $45.00. Needham & Company LLC currently has a buy rating on the stock. Allegro MicroSystems traded as high as $39.10 and last traded at $38.8870. Approximately 2,468,194 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 2,989,076 shares. The stock had previously closed at $36.26.

ALGM has been the topic of a number of other reports. Bank of America increased their target price on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Barclays increased their price objective on Allegro MicroSystems from $35.00 to $46.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Evercore boosted their target price on Allegro MicroSystems from $37.00 to $49.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Jefferies Financial Group restated a “buy” rating and set a $45.00 price target on shares of Allegro MicroSystems in a report on Thursday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Allegro MicroSystems in a research report on Monday, December 29th. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Institutional Trading of Allegro MicroSystems

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in Allegro MicroSystems by 70.0% during the first quarter. Royal Bank of Canada now owns 117,923 shares of the company’s stock worth $2,964,000 after purchasing an additional 48,554 shares in the last quarter. AQR Capital Management LLC purchased a new stake in shares of Allegro MicroSystems in the 1st quarter worth about $325,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Allegro MicroSystems by 31.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company’s stock valued at $8,911,000 after acquiring an additional 85,607 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Allegro MicroSystems during the 2nd quarter valued at about $481,000. Finally, Ethic Inc. raised its position in Allegro MicroSystems by 22.0% during the second quarter. Ethic Inc. now owns 23,758 shares of the company’s stock worth $812,000 after acquiring an additional 4,281 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 7.4%

The company has a market cap of $7.21 billion, a price-to-earnings ratio of -486.63 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.65 and a quick ratio of 2.39. The business’s 50-day simple moving average is $33.13 and its 200-day simple moving average is $30.45.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results 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 negative net margin of 1.57% and a positive return on equity of 4.35%. The firm had revenue of $229.21 million during the quarter, compared to analysts’ expectations of $220.78 million. During the same period in the previous year, the company earned $0.07 EPS. Allegro MicroSystems’s revenue for the quarter was up 28.9% on a year-over-year basis. Research analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

About Allegro MicroSystems

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.