Allegro MicroSystems (NASDAQ:ALGM) Sets New 12-Month High – Here’s What Happened

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

Analyst Ratings Changes

A number of research firms recently issued reports on ALGM. Mizuho set a $38.00 target price on Allegro MicroSystems in a report on Tuesday, December 16th. Evercore lifted their price objective on Allegro MicroSystems from $37.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Barclays boosted their target price on Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, January 18th. Finally, Bank of America increased their price objective on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.50.

Allegro MicroSystems Stock Up 1.0%

The firm has a 50 day moving average price of $30.92 and a two-hundred day moving average price of $29.92. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $7.78 billion, a price-to-earnings ratio of -524.88 and a beta of 1.63.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, January 29th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The business had revenue of $229.21 million for the quarter, compared to analyst estimates of $220.78 million. During the same quarter in the prior year, the business posted $0.07 EPS. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. As a group, sell-side analysts expect 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 and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada boosted its stake in Allegro MicroSystems by 70.0% in the first quarter. Royal Bank of Canada now owns 117,923 shares of the company’s stock valued at $2,964,000 after acquiring an additional 48,554 shares during the period. AQR Capital Management LLC acquired a new position in Allegro MicroSystems during the 1st quarter valued at approximately $325,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Allegro MicroSystems by 31.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company’s stock worth $8,911,000 after buying an additional 85,607 shares during the last quarter. KLP Kapitalforvaltning AS increased its position in Allegro MicroSystems by 10.4% in the second quarter. KLP Kapitalforvaltning AS now owns 27,500 shares of the company’s stock worth $940,000 after buying an additional 2,600 shares during the period. Finally, Maryland State Retirement & Pension System acquired a new stake in Allegro MicroSystems in the second quarter worth $232,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

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.