Allegro MicroSystems (NASDAQ:ALGM) Given New $22.00 Price Target at Barclays

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its price target lowered by equities researchers at Barclays from $30.00 to $22.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's price objective would suggest a potential upside of 30.33% from the stock's previous close.

Several other brokerages have also recently issued reports on ALGM. Morgan Stanley lifted their price target 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. Mizuho boosted their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, March 24th. Needham & Company LLC reissued a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Finally, Wells Fargo & Company lifted their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, January 13th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $29.78.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded up $0.35 during midday trading on Tuesday, reaching $16.88. 1,080,677 shares of the company traded hands, compared to its average volume of 2,441,487. The stock has a 50-day moving average price of $24.27 and a 200 day moving average price of $22.89. The company has a market cap of $3.11 billion, a price-to-earnings ratio of -48.23 and a beta of 1.53. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems has a 52 week low of $16.38 and a 52 week high of $33.26.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Capital Research Global Investors boosted its stake in 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 purchasing an additional 353,776 shares in the last quarter. Wellington Management Group LLP increased its stake 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 in the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Allegro MicroSystems by 50.1% in the 4th 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. raised its stake in shares of Allegro MicroSystems by 14.1% during the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after buying an additional 308,943 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company's stock.

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.

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