Allegro MicroSystems (NASDAQ:ALGM) Hits New 52-Week High – Still a Buy?

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $42.11 and last traded at $41.99, with a volume of 2637576 shares. The stock had previously closed at $41.57.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ALGM shares. Bank of America lifted their price objective on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Barclays lifted their price target on Allegro MicroSystems from $35.00 to $46.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Mizuho set a $38.00 price objective on Allegro MicroSystems in a report on Tuesday, December 16th. UBS Group lifted their target price on Allegro MicroSystems from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Finally, Needham & Company LLC boosted their price target on Allegro MicroSystems from $37.00 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.50.

Allegro MicroSystems Stock Performance

The stock has a market cap of $7.78 billion, a P/E ratio of -524.88 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.65 and a quick ratio of 2.39. The company has a fifty day moving average of $30.92 and a 200 day moving average of $29.92.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. Allegro MicroSystems had a positive return on equity of 4.35% and a negative net margin of 1.57%.The company had revenue of $229.21 million for the quarter, compared to analysts’ expectations of $220.78 million. During the same period last year, the firm earned $0.07 EPS. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. On average, equities analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently bought and sold shares of the business. Bayforest Capital Ltd purchased a new position in Allegro MicroSystems in the 2nd quarter worth about $650,000. Geode Capital Management LLC boosted its holdings in shares of Allegro MicroSystems by 0.7% in the second quarter. Geode Capital Management LLC now owns 2,405,986 shares of the company’s stock worth $82,274,000 after buying an additional 17,902 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Allegro MicroSystems in the second quarter worth approximately $481,000. KLP Kapitalforvaltning AS raised its holdings in shares of Allegro MicroSystems by 10.4% during the second quarter. KLP Kapitalforvaltning AS now owns 27,500 shares of the company’s stock valued at $940,000 after acquiring an additional 2,600 shares during the period. Finally, Segall Bryant & Hamill LLC lifted its position in shares of Allegro MicroSystems by 1.3% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 1,328,254 shares of the company’s stock valued at $45,413,000 after acquiring an additional 16,728 shares in the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

About Allegro MicroSystems

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.