Allegro MicroSystems (NASDAQ:ALGM) Trading Up 8.9% – Still a Buy?

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was up 8.9% on Thursday . The stock traded as high as $29.45 and last traded at $29.16. Approximately 1,986,120 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 2,956,173 shares. The stock had previously closed at $26.78.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ALGM shares. Barclays raised their price target 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Morgan Stanley raised their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. Loop Capital assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Wells Fargo & Company lifted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.70.

Allegro MicroSystems Stock Performance

The company’s 50 day moving average price is $24.23 and its 200-day moving average price is $22.76. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The company has a market cap of $5.10 billion, a PE ratio of -79.17 and a beta of 1.67.

Institutional Investors Weigh In On Allegro MicroSystems

Several large investors have recently modified their holdings of the stock. FMR LLC increased its stake in shares of Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after purchasing an additional 8,534,089 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Capital Research Global Investors increased its stake in shares of Allegro MicroSystems by 6.5% during the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock worth $126,093,000 after purchasing an additional 353,776 shares during the last quarter. State Street Corp increased its stake in shares of Allegro MicroSystems by 41.7% during the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after purchasing an additional 1,615,351 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock valued at $87,302,000 after buying an additional 934,048 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

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.