Mizuho Issues Positive Forecast for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its target price upped by Mizuho from $28.00 to $31.00 in a research report report published on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also commented on the stock. Barclays lifted their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Wells Fargo & Company raised their target price 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. Morgan Stanley raised 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. Finally, Needham & Company LLC reissued a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Allegro MicroSystems has a consensus rating of “Moderate Buy” and an average price target of $31.20.

Allegro MicroSystems Price Performance

ALGM opened at $27.19 on Monday. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26. The company has a market cap of $5.01 billion, a price-to-earnings ratio of -77.69 and a beta of 1.67. The stock has a fifty day simple moving average of $25.06 and a two-hundred day simple moving average of $22.93. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Institutional Trading of Allegro MicroSystems

Large investors have recently bought and sold shares of the business. Mackenzie Financial Corp raised its position in shares of 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 buying an additional 491 shares during the period. Avior Wealth Management LLC raised its position in Allegro MicroSystems by 5.3% in the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after purchasing an additional 737 shares during the period. Prosperity Financial Group Inc. lifted its stake in shares of Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after purchasing an additional 784 shares during the last quarter. Keybank National Association OH lifted its stake in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after purchasing an additional 1,522 shares during the last quarter. Finally, Natixis Advisors LLC grew its holdings in shares of Allegro MicroSystems by 5.7% during the 3rd quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock worth $700,000 after purchasing an additional 1,625 shares during the period. Hedge funds and other institutional investors 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.