Brokerages Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) PT at $31.20

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the ten research firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $31.20.

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target 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. Mizuho boosted their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. Barclays increased their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Needham & Company LLC restated a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Morgan Stanley increased their target price 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.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp raised its holdings in Allegro MicroSystems by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company's stock worth $398,000 after purchasing an additional 491 shares during the last quarter. Avior Wealth Management LLC raised its stake in Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after buying an additional 737 shares during the last quarter. Keybank National Association OH raised its stake in Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after buying an additional 1,522 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in Allegro MicroSystems by 10.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company's stock valued at $386,000 after buying an additional 1,687 shares during the period. Finally, TD Waterhouse Canada Inc. bought a new stake in Allegro MicroSystems during the fourth quarter valued at $40,000. 56.45% of the stock is owned by institutional investors and hedge funds.

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Allegro MicroSystems Price Performance

Shares of ALGM stock traded down $1.57 on Tuesday, hitting $21.32. 3,981,019 shares of the company's stock were exchanged, compared to its average volume of 2,312,010. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The company has a 50 day moving average of $25.20 and a 200 day moving average of $23.12. The stock has a market cap of $3.93 billion, a P/E ratio of -60.91 and a beta of 1.53.

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.