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

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

Other analysts also recently issued reports about the company. Morgan Stanley started coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price for the company. Wells Fargo & Company upped their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Loop Capital started coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $30.91.

Allegro MicroSystems Price Performance

ALGM stock opened at $24.84 on Friday. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The stock has a market cap of $4.57 billion, a PE ratio of -177.42 and a beta of 1.65. The company has a 50-day moving average price of $21.83 and a 200 day moving average price of $23.28.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The firm had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. During the same quarter in the prior year, the firm posted $0.36 earnings per share. The company’s quarterly 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 acquired 15,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was purchased 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 in the company, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. KBC Group NV grew its stake in shares of Allegro MicroSystems by 40.9% during the third 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 last quarter. Van ECK Associates Corp purchased a new stake in Allegro MicroSystems during the 3rd quarter worth approximately $172,000. Oppenheimer Asset Management Inc. acquired a new position in Allegro MicroSystems during the 2nd quarter valued at approximately $211,000. Intech Investment Management LLC purchased a new position in shares of Allegro MicroSystems in the third quarter worth $214,000. Finally, nVerses Capital LLC acquired a new stake in shares of Allegro MicroSystems during the third quarter worth $231,000. 56.45% of the stock is owned by institutional investors and hedge funds.

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.