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

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

A number of other research firms have also commented on ALGM. Wells Fargo & Company lifted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. 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. Barclays boosted 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. Loop Capital started coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.70.

Allegro MicroSystems Trading Down 4.7 %

NASDAQ:ALGM opened at $22.96 on Monday. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The firm has a market cap of $4.22 billion, a price-to-earnings ratio of -65.60 and a beta of 1.66. 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 company’s 50 day moving average is $22.68 and its 200-day moving average is $22.58.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were purchased at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently made changes to their positions in the company. Handelsbanken Fonder AB boosted its stake in shares of Allegro MicroSystems by 96.8% in the 4th quarter. Handelsbanken Fonder AB now owns 36,400 shares of the company’s stock valued at $796,000 after purchasing an additional 17,900 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $47,000. New Mexico Educational Retirement Board boosted its stake in shares of Allegro MicroSystems by 139.7% in the 4th quarter. New Mexico Educational Retirement Board now owns 31,881 shares of the company’s stock valued at $697,000 after purchasing an additional 18,581 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Allegro MicroSystems by 202.3% in the 4th quarter. Van ECK Associates Corp now owns 22,298 shares of the company’s stock valued at $487,000 after purchasing an additional 14,922 shares in the last quarter. Finally, Lightrock Netherlands B.V. acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $4,469,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

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.