Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $23.00

Allegro MicroSystems (NASDAQ:ALGM) had its price target upped by Morgan Stanley from $21.00 to $23.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other analysts have also recently issued reports about the stock. Loop Capital started coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a research note on Friday, January 31st. Wells Fargo & Company boosted their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Barclays raised their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $24.61 on Monday. The company’s fifty day moving average is $22.79 and its two-hundred day moving average is $22.56. The company has a market cap of $4.53 billion, a P/E ratio of -70.31 and a beta of 1.66. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

Insider Buying and Selling

In related news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was bought at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the acquisition, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Creative Planning grew its holdings in shares of Allegro MicroSystems by 25.6% during the 2nd quarter. Creative Planning now owns 17,349 shares of the company’s stock worth $490,000 after purchasing an additional 3,540 shares in the last quarter. nVerses Capital LLC bought a new position in shares of Allegro MicroSystems during the third quarter valued at $231,000. Louisiana State Employees Retirement System grew its position in shares of Allegro MicroSystems by 113.4% in the 3rd quarter. Louisiana State Employees Retirement System now owns 43,100 shares of the company’s stock valued at $1,004,000 after buying an additional 22,900 shares during the last quarter. State of Alaska Department of Revenue increased its position in Allegro MicroSystems by 9.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 120,110 shares of the company’s stock valued at $2,797,000 after purchasing an additional 10,370 shares during the period. Finally, New York State Teachers Retirement System raised its stake in Allegro MicroSystems by 97.4% during the third quarter. New York State Teachers Retirement System now owns 22,900 shares of the company’s stock worth $534,000 after buying an additional 11,300 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

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.