Allegro MicroSystems, Inc. (NASDAQ:ALGM) Given Average Rating of "Moderate Buy" by Brokerages

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the ten ratings firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $30.70.

A number of equities analysts recently weighed in on the stock. Barclays boosted their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Morgan Stanley raised their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Monday, February 3rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a "buy" rating and a $30.00 price objective for the company.

Hedge Funds Weigh In On Allegro MicroSystems

Large investors have recently made changes to their positions in the stock. FMR LLC boosted its stake in Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company's stock worth $658,314,000 after purchasing an additional 8,534,089 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Allegro MicroSystems by 20.6% in the third 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 period. Capital Research Global Investors raised its position 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 worth $126,093,000 after buying an additional 353,776 shares in the last quarter. State Street Corp raised its position in shares of Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company's stock worth $127,831,000 after buying an additional 1,615,351 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Allegro MicroSystems by 30.5% during 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. 56.45% of the stock is owned by institutional investors.

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Allegro MicroSystems Stock Performance

ALGM stock traded down $2.30 during midday trading on Friday, hitting $25.41. The company's stock had a trading volume of 5,219,800 shares, compared to its average volume of 3,281,467. The stock has a market cap of $4.68 billion, a price-to-earnings ratio of -72.60 and a beta of 1.67. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The stock's 50-day moving average price is $24.34 and its 200 day moving average price is $22.75. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26.

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.