Allegro MicroSystems (NASDAQ:ALGM) Hits New 12-Month High – What’s Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $40.88 and last traded at $38.24, with a volume of 971546 shares changing hands. The stock had previously closed at $38.89.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Jefferies Financial Group upped their price target on Allegro MicroSystems from $37.00 to $43.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Evercore ISI raised their price objective on shares of Allegro MicroSystems from $37.00 to $49.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. UBS Group boosted their price objective on Allegro MicroSystems from $40.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Mizuho set a $38.00 price target on Allegro MicroSystems in a research report on Tuesday, December 16th. Finally, Wells Fargo & Company boosted their price objective on Allegro MicroSystems from $40.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.50.

Allegro MicroSystems Trading Down 1.5%

The firm has a market capitalization of $7.10 billion, a price-to-earnings ratio of -476.68 and a beta of 1.63. The business’s fifty day moving average is $29.79 and its 200 day moving average is $29.77. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The company had revenue of $229.21 million during the quarter, compared to the consensus estimate of $220.78 million. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The company’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 EPS. Equities analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors have recently made changes to their positions in the stock. Hantz Financial Services Inc. lifted its holdings in Allegro MicroSystems by 86.9% in the third quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after buying an additional 419 shares during the period. Quent Capital LLC acquired a new stake in Allegro MicroSystems during the third quarter worth approximately $28,000. Farther Finance Advisors LLC lifted its position in shares of Allegro MicroSystems by 815.4% during the 4th quarter. Farther Finance Advisors LLC now owns 2,142 shares of the company’s stock valued at $57,000 after acquiring an additional 1,908 shares during the period. Nisa Investment Advisors LLC grew its holdings in Allegro MicroSystems by 158.8% in the second quarter. Nisa Investment Advisors LLC now owns 2,210 shares of the company’s stock worth $76,000 after purchasing an additional 1,356 shares during the period. Finally, SBI Securities Co. Ltd. increased its stake in Allegro MicroSystems by 343.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,301 shares of the company’s stock valued at $61,000 after purchasing an additional 1,782 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Company Profile

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.