Allegro MicroSystems (NASDAQ:ALGM) Trading 7.2% Higher on Analyst Upgrade

Allegro MicroSystems, Inc. (NASDAQ:ALGM) shares traded up 7.2% during trading on Friday after Needham & Company LLC raised their price target on the stock from $41.00 to $45.00. Needham & Company LLC currently has a buy rating on the stock. Allegro MicroSystems traded as high as $39.10 and last traded at $38.8870. 2,468,194 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 2,989,076 shares. The stock had previously closed at $36.26.

Other analysts have also issued reports about the company. Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, January 18th. Morgan Stanley upgraded Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 target price on the stock in a research note on Friday, February 13th. Evercore raised their price target on shares of Allegro MicroSystems from $37.00 to $49.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Mizuho set a $38.00 price objective on shares of Allegro MicroSystems in a report on Tuesday, December 16th. Finally, Bank of America increased their target price on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. grew its position in shares of Allegro MicroSystems by 44.0% in the fourth quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock valued at $201,835,000 after purchasing an additional 2,338,624 shares during the last quarter. Corient Private Wealth LLC boosted its stake in Allegro MicroSystems by 52.9% in the 4th quarter. Corient Private Wealth LLC now owns 15,345 shares of the company’s stock valued at $408,000 after purchasing an additional 5,311 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in Allegro MicroSystems by 23.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 10,502 shares of the company’s stock valued at $277,000 after buying an additional 1,977 shares in the last quarter. Tudor Investment Corp ET AL grew its holdings in Allegro MicroSystems by 201.9% in the 4th quarter. Tudor Investment Corp ET AL now owns 25,665 shares of the company’s stock valued at $677,000 after buying an additional 17,165 shares in the last quarter. Finally, Man Group plc increased its position in Allegro MicroSystems by 79.8% during the 4th quarter. Man Group plc now owns 387,105 shares of the company’s stock worth $10,212,000 after buying an additional 171,818 shares during the period. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Up 7.1%

The stock has a fifty day moving average price of $32.89 and a two-hundred day moving average price of $30.40. The company has a market cap of $7.20 billion, a price-to-earnings ratio of -485.44 and a beta of 1.63. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $229.21 million for the quarter, compared to analyst estimates of $220.78 million. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. Allegro MicroSystems’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the firm earned $0.07 earnings per share. As a group, sell-side analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.