Mizuho Raises Allegro MicroSystems (NASDAQ:ALGM) Price Target to $31.00

Allegro MicroSystems (NASDAQ:ALGM) had its price objective lifted by analysts at Mizuho from $28.00 to $31.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target points to a potential upside of 11.78% from the stock’s previous close.

ALGM has been the topic of a number of other reports. Morgan Stanley upped their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Wells Fargo & Company increased their price target on 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 reaffirmed a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Barclays increased their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.20.

Allegro MicroSystems Trading Up 4.4 %

Shares of NASDAQ:ALGM traded up $1.16 during midday trading on Monday, reaching $27.73. 211,221 shares of the company’s stock were exchanged, compared to its average volume of 2,196,357. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of -79.32 and a beta of 1.67. Allegro MicroSystems has a fifty-two week low of $18.59 and a fifty-two week high of $33.26. The firm’s 50 day simple moving average is $24.98 and its two-hundred day simple moving average is $22.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALGM. TD Waterhouse Canada Inc. acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at $40,000. Venturi Wealth Management LLC acquired a new position in Allegro MicroSystems in the fourth quarter valued at $47,000. Quarry LP purchased a new stake in shares of Allegro MicroSystems in the fourth quarter valued at about $79,000. Sterling Capital Management LLC boosted its stake in shares of Allegro MicroSystems by 59.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock worth $161,000 after buying an additional 2,758 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Allegro MicroSystems during the fourth quarter worth about $186,000. 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.