Mizuho Forecasts Strong Price Appreciation for Allegro MicroSystems (NASDAQ:ALGM) Stock

Allegro MicroSystems (NASDAQ:ALGM - Free Report) had its target price lifted by Mizuho from $28.00 to $31.00 in a report issued on Monday, MarketBeat.com reports. The brokerage currently has an outperform rating on the stock.

ALGM has been the subject of a number of other research reports. Barclays boosted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Needham & Company LLC restated a "buy" rating and issued a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Morgan Stanley lifted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company increased their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.20.

Allegro MicroSystems Trading Down 2.5 %

Shares of ALGM traded down $0.65 during mid-day trading on Monday, reaching $24.89. The company had a trading volume of 430,541 shares, compared to its average volume of 2,204,202. Allegro MicroSystems has a fifty-two week low of $18.59 and a fifty-two week high of $33.26. The firm has a fifty day simple moving average of $25.25 and a 200-day simple moving average of $23.02. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of -71.09 and a beta of 1.67. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

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Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently modified their holdings of ALGM. Wellington Management Group LLP increased its holdings in Allegro MicroSystems by 30.5% during the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after purchasing an additional 934,048 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of Allegro MicroSystems by 5.2% in the fourth quarter. California State Teachers Retirement System now owns 120,042 shares of the company's stock worth $2,624,000 after buying an additional 5,970 shares during the last quarter. Polar Asset Management Partners Inc. raised its holdings in Allegro MicroSystems by 47.1% in the fourth quarter. Polar Asset Management Partners Inc. now owns 378,704 shares of the company's stock valued at $8,278,000 after acquiring an additional 121,300 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Allegro MicroSystems by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company's stock valued at $398,000 after acquiring an additional 491 shares during the last quarter. Finally, Toronto Dominion Bank grew its holdings in Allegro MicroSystems by 20.5% during the 4th quarter. Toronto Dominion Bank now owns 19,085 shares of the company's stock worth $417,000 after acquiring an additional 3,253 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.