Allegro MicroSystems (NASDAQ:ALGM) Price Target Cut to $32.00 by Analysts at TD Cowen

Allegro MicroSystems (NASDAQ:ALGMFree Report) had its price target reduced by TD Cowen from $35.00 to $32.00 in a research report sent to investors on Friday morning, MarketBeat Ratings reports. TD Cowen currently has a buy rating on the stock.

Several other research firms have also commented on ALGM. Evercore ISI began coverage on shares of Allegro MicroSystems in a report on Tuesday, April 16th. They issued an outperform rating and a $36.00 price target for the company. Wolfe Research raised Allegro MicroSystems from a peer perform rating to an outperform rating and set a $35.00 target price for the company in a report on Friday, February 2nd. Finally, Needham & Company LLC cut their price target on Allegro MicroSystems from $40.00 to $33.00 and set a buy rating on the stock in a report on Friday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $37.11.

Check Out Our Latest Research Report on ALGM

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $27.27 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.85 and a quick ratio of 3.48. Allegro MicroSystems has a 12-month low of $23.64 and a 12-month high of $53.05. The business’s fifty day moving average price is $28.02 and its 200 day moving average price is $28.37. The stock has a market capitalization of $5.27 billion, a PE ratio of 34.96 and a beta of 1.72.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALGM. Commonwealth Equity Services LLC grew its stake in shares of Allegro MicroSystems by 20.9% in the third quarter. Commonwealth Equity Services LLC now owns 18,640 shares of the company’s stock worth $595,000 after purchasing an additional 3,225 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Allegro MicroSystems by 23.9% during the third quarter. Bank of New York Mellon Corp now owns 789,283 shares of the company’s stock worth $25,210,000 after purchasing an additional 152,103 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Allegro MicroSystems by 13.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,157 shares of the company’s stock valued at $388,000 after purchasing an additional 1,454 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of Allegro MicroSystems during the 3rd quarter valued at $290,000. Finally, Strs Ohio raised its stake in shares of Allegro MicroSystems by 38.6% in the 3rd quarter. Strs Ohio now owns 38,164 shares of the company’s stock worth $1,218,000 after buying an additional 10,634 shares in the last quarter. 56.45% of the stock is owned by institutional investors.

About Allegro MicroSystems

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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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.

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Analyst Recommendations for Allegro MicroSystems (NASDAQ:ALGM)

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