Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $23.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price hoisted by Morgan Stanley from $21.00 to $23.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other equities research analysts have also issued reports about the company. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price for the company. Barclays increased their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research report on Friday, January 31st. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a report on Friday, October 18th. Finally, Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.70.

Allegro MicroSystems Trading Up 2.8 %

NASDAQ ALGM opened at $24.61 on Monday. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $4.53 billion, a P/E ratio of -70.31 and a beta of 1.66. The business has a fifty day simple moving average of $22.79 and a 200 day simple moving average of $22.56.

Insider Activity

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of the stock in a transaction on Monday, November 18th. The shares were purchased 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 directly owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems in the 4th quarter valued at about $47,000. KBC Group NV increased its stake 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 purchasing an additional 1,042 shares during the period. Van ECK Associates Corp bought a new stake in Allegro MicroSystems in the third quarter valued at approximately $172,000. Intech Investment Management LLC purchased a new stake in shares of Allegro MicroSystems during the third quarter valued at approximately $214,000. Finally, nVerses Capital LLC bought a new position in shares of Allegro MicroSystems in the third quarter worth approximately $231,000. 56.45% of the stock is currently owned by 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.