Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Consensus Rating of "Moderate Buy" from Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) have received a consensus rating of "Moderate Buy" from the ten analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $30.70.

Several analysts have recently weighed in on the company. Barclays upped their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a report on Friday, October 18th. Wells Fargo & Company lifted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Morgan Stanley increased their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. Finally, Needham & Company LLC restated a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Friday, January 31st.

Insider Buying and Selling at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the business's stock in a transaction that occurred on Monday, November 18th. The stock was acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.50% of the company's stock.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors have recently made changes to their positions in the company. Talos Asset Management LP acquired a new position in Allegro MicroSystems during the fourth quarter worth $16,245,000. Swiss National Bank boosted its stake in shares of Allegro MicroSystems by 7.7% during the 4th quarter. Swiss National Bank now owns 253,200 shares of the company's stock worth $5,535,000 after acquiring an additional 18,200 shares in the last quarter. Wealthfront Advisers LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter valued at about $2,919,000. Raymond James Financial Inc. acquired a new stake in Allegro MicroSystems in the 4th quarter worth approximately $15,145,000. Finally, Arizona State Retirement System raised its position in shares of Allegro MicroSystems by 7.6% in the fourth quarter. Arizona State Retirement System now owns 37,293 shares of the company's stock valued at $815,000 after purchasing an additional 2,645 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Up 2.6 %

ALGM stock traded up $0.61 during mid-day trading on Monday, hitting $23.98. 399,121 shares of the company were exchanged, compared to its average volume of 2,475,321. The firm has a fifty day simple moving average of $22.93 and a 200 day simple moving average of $22.48. The company has a market capitalization of $4.42 billion, a PE ratio of -68.60 and a beta of 1.66. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

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.