Brokerages Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) Target Price at $31.20

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have received a consensus recommendation of “Moderate Buy” from the ten analysts that are covering the firm, Marketbeat reports. One analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $31.20.

A number of equities research analysts recently issued reports on ALGM shares. Mizuho raised their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Barclays lifted their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC restated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, Morgan Stanley upped their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. raised its stake in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after buying an additional 1,884,578 shares in the last quarter. Capital Research Global Investors raised its position in shares of Allegro MicroSystems by 6.5% in the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock worth $126,093,000 after acquiring an additional 353,776 shares in the last quarter. State Street Corp lifted its stake in shares of Allegro MicroSystems by 41.7% during the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after purchasing an additional 1,615,351 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Allegro MicroSystems by 30.5% during the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock worth $87,302,000 after purchasing an additional 934,048 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its stake in Allegro MicroSystems by 50.1% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company’s stock valued at $59,756,000 after purchasing an additional 911,993 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 11.7 %

Shares of NASDAQ ALGM opened at $22.89 on Tuesday. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26. The firm has a 50-day simple moving average of $25.26 and a two-hundred day simple moving average of $23.13. The company has a market cap of $4.21 billion, a P/E ratio of -65.40 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

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.