Mizuho Forecasts Strong Price Appreciation for Allegro MicroSystems (NASDAQ:ALGM) Stock

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

Other equities research analysts have also issued reports about the stock. Barclays upped their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Morgan Stanley boosted their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Finally, Wells Fargo & Company boosted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $31.20.

Allegro MicroSystems Stock Performance

NASDAQ ALGM traded up $1.16 on Monday, hitting $27.73. 211,221 shares of the company’s stock traded hands, compared to its average volume of 2,196,357. The firm’s 50-day moving average price is $24.98 and its two-hundred day moving average price is $22.90. The firm has a market capitalization of $5.11 billion, a PE ratio of -79.32 and a beta of 1.67. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26.

Institutional Investors Weigh In On Allegro MicroSystems

Large investors have recently made changes to their positions in the stock. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems during the fourth quarter worth $40,000. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter valued at about $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 increased its position in 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 purchasing an additional 2,758 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in Allegro MicroSystems during the fourth quarter worth about $186,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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.