Brokerages Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) Price Target at $30.70

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been given a consensus recommendation of “Moderate Buy” by the ten brokerages that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $30.70.

Several brokerages have recently weighed in on ALGM. Morgan Stanley raised their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Barclays increased their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Friday, January 31st. Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. Finally, Loop Capital began coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company.

Allegro MicroSystems Trading Down 0.2 %

Shares of Allegro MicroSystems stock opened at $24.43 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The business has a fifty day simple moving average of $23.05 and a two-hundred day simple moving average of $22.50. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of -69.80 and a beta of 1.66.

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue purchased 15,000 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was bought 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 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 legal filing with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $47,000. KBC Group NV lifted its position in shares of Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after buying an additional 1,042 shares during the last quarter. Van ECK Associates Corp acquired a new stake in Allegro MicroSystems in the third quarter valued at about $172,000. Intech Investment Management LLC bought a new position in Allegro MicroSystems in the third quarter valued at about $214,000. Finally, nVerses Capital LLC bought a new position in Allegro MicroSystems in the third quarter valued at about $231,000. 56.45% of the stock is 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.