Allegro MicroSystems (NASDAQ:ALGM - Free Report) had its price objective boosted by Morgan Stanley from $21.00 to $23.00 in a report released on Monday,Benzinga reports. They currently have an equal weight rating on the stock.
A number of other brokerages also recently weighed in on ALGM. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a report on Friday, October 18th. Loop Capital initiated coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a "buy" rating and a $30.00 target price on the stock. Barclays boosted 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. Wells Fargo & Company lifted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Finally, Needham & Company LLC restated a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Friday, January 31st. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.70.
Read Our Latest Analysis on Allegro MicroSystems
Allegro MicroSystems Stock Performance
NASDAQ ALGM traded up $0.40 during trading on Monday, hitting $25.01. The company's stock had a trading volume of 2,226,608 shares, compared to its average volume of 2,542,212. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26. 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 firm has a market cap of $4.60 billion, a P/E ratio of -71.46 and a beta of 1.66. The firm has a 50 day moving average price of $22.86 and a 200 day moving average price of $22.57.
Insider Buying and Selling at Allegro MicroSystems
In other news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction dated Monday, November 18th. The shares were acquired at an average price of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.50% of the company's stock.
Institutional Trading of Allegro MicroSystems
Several large investors have recently added to or reduced their stakes in ALGM. Raymond James Financial Inc. bought a new position in shares of Allegro MicroSystems in the fourth quarter valued at approximately $15,145,000. Arizona State Retirement System raised its position in Allegro MicroSystems by 7.6% in the 4th 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 last quarter. M&T Bank Corp boosted its stake in Allegro MicroSystems by 8.3% in the fourth quarter. M&T Bank Corp now owns 35,503 shares of the company's stock worth $776,000 after purchasing an additional 2,729 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Allegro MicroSystems by 25.7% during the fourth quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock worth $864,000 after purchasing an additional 8,075 shares during the last quarter. Finally, Keybank National Association OH increased its stake in shares of Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after buying an additional 1,522 shares in the last quarter. 56.45% of the stock is owned by institutional investors.
About Allegro MicroSystems
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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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