Allegro MicroSystems (NASDAQ:ALGM) Stock Price Expected to Rise, Mizuho Analyst Says

Allegro MicroSystems (NASDAQ:ALGM) had its target price raised by Mizuho from $28.00 to $31.00 in a research report issued to clients and investors on Monday, MarketBeat.com reports. The firm presently has an “outperform” rating on the stock. Mizuho’s target price points to a potential upside of 14.22% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Morgan Stanley boosted their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Wells Fargo & Company increased their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Barclays boosted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and an average target price of $31.20.

Allegro MicroSystems Price Performance

ALGM opened at $27.14 on Monday. The firm has a market cap of $5.00 billion, a PE ratio of -77.54 and a beta of 1.67. The stock has a 50-day moving average price of $25.15 and a 200-day moving average price of $22.97. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

Institutional Trading of Allegro MicroSystems

Several large investors have recently modified their holdings of the company. FMR LLC boosted its position in Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after purchasing an additional 8,534,089 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after purchasing an additional 1,884,578 shares during the period. Capital Research Global Investors boosted its holdings in shares of Allegro MicroSystems by 6.5% in the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock worth $126,093,000 after buying an additional 353,776 shares during the last quarter. State Street Corp grew its position in Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after buying an additional 1,615,351 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Allegro MicroSystems by 30.5% during the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock valued at $87,302,000 after buying an additional 934,048 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

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.