Allegro MicroSystems (NASDAQ:ALGM) Given New $23.00 Price Target at Barclays

Allegro MicroSystems (NASDAQ:ALGM) had its target price boosted by Barclays from $22.00 to $23.00 in a report published on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts have also issued reports about the company. Wells Fargo & Company increased their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Morgan Stanley raised their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Mizuho increased their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, March 24th. UBS Group reduced their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. Finally, Needham & Company LLC dropped 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. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.44.

Allegro MicroSystems Trading Up 6.0 %

NASDAQ:ALGM opened at $22.33 on Friday. The stock has a market cap of $4.11 billion, a PE ratio of -63.80 and a beta of 1.57. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week 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. The stock’s 50-day moving average is $22.60 and its two-hundred day moving average is $22.71.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same period in the previous year, the firm posted $0.25 earnings per share. The firm’s revenue was down 19.9% on a year-over-year basis. As a group, equities research analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Institutional Trading of Allegro MicroSystems

Several large investors have recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in Allegro MicroSystems in the 4th quarter worth $15,145,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth about $35,433,000. JPMorgan Chase & Co. lifted its position in shares of Allegro MicroSystems by 20.6% during 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 last quarter. Keybank National Association OH grew its holdings in Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after buying an additional 1,522 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in Allegro MicroSystems by 25.7% in 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. 56.45% of the stock is owned by institutional investors.

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.