Morgan Stanley Increases Allegro MicroSystems (NASDAQ:ALGM) Price Target to $25.00

Allegro MicroSystems (NASDAQ:ALGM) had its price objective raised by Morgan Stanley from $23.00 to $25.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

ALGM has been the topic of several other reports. Needham & Company LLC lowered their target price on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Barclays boosted their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Mizuho raised their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Finally, UBS Group lifted their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.63.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM opened at $30.04 on Monday. 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 has a 1 year low of $16.38 and a 1 year high of $33.26. The firm has a market capitalization of $5.55 billion, a PE ratio of -85.83 and a beta of 1.67. The business’s 50 day moving average price is $23.03 and its 200-day moving average price is $23.65.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The company’s revenue for the quarter was down 19.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.25 earnings per share. As a group, equities research analysts expect that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Institutional Trading of Allegro MicroSystems

Several institutional investors have recently added to or reduced their stakes in the stock. Osterweis Capital Management Inc. purchased a new position in shares of Allegro MicroSystems during the first quarter worth $4,506,000. Rhumbline Advisers lifted its position in shares of Allegro MicroSystems by 1.4% during the first quarter. Rhumbline Advisers now owns 330,263 shares of the company’s stock worth $8,299,000 after purchasing an additional 4,428 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Allegro MicroSystems by 31.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company’s stock valued at $8,911,000 after purchasing an additional 85,607 shares during the period. S Squared Technology LLC boosted its stake in shares of Allegro MicroSystems by 8.2% in the first quarter. S Squared Technology LLC now owns 397,451 shares of the company’s stock valued at $9,988,000 after purchasing an additional 30,000 shares during the period. Finally, Millennium Management LLC increased its stake in Allegro MicroSystems by 81.4% during the 1st quarter. Millennium Management LLC now owns 2,402,978 shares of the company’s stock worth $60,387,000 after buying an additional 1,078,025 shares during the period. Institutional investors and hedge funds 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.