Allegro MicroSystems (NASDAQ:ALGM) Given New $37.00 Price Target at Mizuho

Allegro MicroSystems (NASDAQ:ALGM) had its price target lifted by analysts at Mizuho from $31.00 to $37.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target points to a potential upside of 2.42% from the stock’s current price.

A number of other brokerages also recently weighed in on ALGM. Morgan Stanley boosted their price target on Allegro MicroSystems from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, June 9th. Barclays boosted their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Wells Fargo & Company reiterated an “overweight” rating and issued a $33.00 price target (up from $26.00) on shares of Allegro MicroSystems in a report on Monday, June 16th. Needham & Company LLC lowered their price target on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a report on Friday, May 9th. Finally, Bank of America initiated coverage on Allegro MicroSystems in a research note on Monday, June 16th. They set a “buy” rating and a $38.00 price objective for the company. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.63.

Allegro MicroSystems Stock Up 2.0%

Shares of ALGM traded up $0.73 during trading on Tuesday, reaching $36.13. The company’s stock had a trading volume of 157,865 shares, compared to its average volume of 2,644,595. The company has a fifty day moving average of $27.75 and a two-hundred day moving average of $25.08. Allegro MicroSystems has a twelve month low of $16.38 and a twelve month high of $36.13. The company has a market cap of $6.68 billion, a price-to-earnings ratio of -92.23 and a beta of 1.75. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $185.35 million. During the same period in the previous year, the business earned $0.25 EPS. The business’s quarterly revenue was down 19.9% on a year-over-year basis. On average, sell-side analysts predict that Allegro MicroSystems will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Capital Research Global Investors lifted 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 valued at $126,093,000 after buying an additional 353,776 shares during the period. Invesco Ltd. lifted its holdings in shares of Allegro MicroSystems by 131.5% in the first quarter. Invesco Ltd. now owns 4,835,641 shares of the company’s stock valued at $121,520,000 after buying an additional 2,746,880 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Allegro MicroSystems by 30.5% in 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 period. Adage Capital Partners GP L.L.C. lifted its holdings in shares of 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 buying an additional 911,993 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Allegro MicroSystems by 6.4% in the first quarter. Principal Financial Group Inc. now owns 2,416,102 shares of the company’s stock valued at $60,717,000 after buying an additional 144,824 shares during the period. Institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

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.