Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Up After Analyst Upgrade

Allegro MicroSystems, Inc. (NASDAQ:ALGM) gapped up before the market opened on Monday after UBS Group raised their price target on the stock from $25.00 to $35.00. The stock had previously closed at $28.65, but opened at $29.90. UBS Group currently has a buy rating on the stock. Allegro MicroSystems shares last traded at $30.54, with a volume of 192,845 shares.

A number of other research firms also recently weighed in on ALGM. 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. Mizuho increased their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Needham & Company LLC cut their price target on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Bank of America assumed coverage on shares of Allegro MicroSystems in a research note on Monday. They issued a “buy” rating and a $38.00 target price on the stock. Finally, Morgan Stanley raised their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, June 9th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average price target of $30.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new stake in Allegro MicroSystems in the fourth quarter worth approximately $15,145,000. Schonfeld Strategic Advisors LLC bought a new stake in Allegro MicroSystems in the fourth quarter worth approximately $35,433,000. Keybank National Association OH boosted its holdings in shares of Allegro MicroSystems by 14.9% during the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock worth $257,000 after buying an additional 1,522 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Allegro MicroSystems by 25.7% during the 4th quarter. Victory Capital Management Inc. now owns 39,536 shares of the company’s stock worth $864,000 after buying an additional 8,075 shares during the period. Finally, Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems during the 4th quarter worth $47,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Trading Down 1.5%

The company has a current ratio of 4.30, a quick ratio of 2.66 and a debt-to-equity ratio of 0.37. The company’s fifty day moving average is $23.80 and its 200-day moving average is $23.89. The firm has a market capitalization of $5.68 billion, a P/E ratio of -78.77 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping 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 business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $185.35 million. During the same period in the prior year, the firm earned $0.25 EPS. Allegro MicroSystems’s quarterly revenue was down 19.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

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.