Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $30.00

Allegro MicroSystems (NASDAQ:ALGM - Free Report) had its price objective upped by Barclays from $25.00 to $30.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts also recently issued reports about the company. Wells Fargo & Company upped their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday. Loop Capital assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 target price on the stock. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research note on Friday, October 18th. Needham & Company LLC cut their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. Finally, Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 target price on the stock. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $30.91.

Allegro MicroSystems Price Performance

NASDAQ:ALGM traded up $0.89 during mid-day trading on Friday, hitting $24.60. 1,267,838 shares of the company's stock traded hands, compared to its average volume of 1,986,683. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. The company has a market cap of $4.52 billion, a PE ratio of -175.77 and a beta of 1.65. The firm's 50 day simple moving average is $21.83 and its 200 day simple moving average is $23.28. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The business had revenue of $187.39 million during the quarter, compared to analysts' expectations of $187.52 million. During the same period last year, the company posted $0.36 EPS. The company's revenue was down 32.0% on a year-over-year basis.

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The shares were acquired at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares of the company's stock, valued at $4,675,634. The trade was a 6.49 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Allegro MicroSystems

A number of large investors have recently modified their holdings of the stock. KBC Group NV boosted its holdings in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company's stock worth $84,000 after acquiring an additional 1,042 shares during the period. Van ECK Associates Corp purchased a new position in shares of Allegro MicroSystems in the third quarter valued at $172,000. Oppenheimer Asset Management Inc. acquired a new stake in Allegro MicroSystems during the 2nd quarter valued at $211,000. Intech Investment Management LLC acquired a new stake in Allegro MicroSystems during the 3rd quarter valued at $214,000. Finally, nVerses Capital LLC purchased a new stake in Allegro MicroSystems during the 3rd quarter worth $231,000. Institutional investors and hedge funds own 56.45% of the company's stock.

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.