Allegro MicroSystems (NASDAQ:ALGM) Stock Price Up 8.2% - Still a Buy?

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) shot up 8.2% on Thursday . The stock traded as high as $27.00 and last traded at $26.98. 390,964 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 3,210,700 shares. The stock had previously closed at $24.94.

Analyst Upgrades and Downgrades

Several research firms have commented on ALGM. Morgan Stanley upped their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Needham & Company LLC reissued a "buy" rating and issued a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company raised their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Finally, Barclays lifted their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $30.70.

Allegro MicroSystems Price Performance

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 has a fifty day moving average of $24.55 and a 200-day moving average of $22.77. The firm has a market capitalization of $4.76 billion, a P/E ratio of -73.98 and a beta of 1.67.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. FMR LLC boosted its holdings in Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company's stock valued at $658,314,000 after acquiring an additional 8,534,089 shares during the last quarter. Wellington Management Group LLP acquired a new position in Allegro MicroSystems during the 3rd quarter valued at about $71,289,000. JPMorgan Chase & Co. boosted its stake in shares of Allegro MicroSystems by 20.6% in 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. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $35,433,000. Finally, State Street Corp raised its stake in shares of Allegro MicroSystems by 41.7% during 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 during the last quarter. 56.45% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Remove Ads