Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $23.64 and last traded at $23.98, with a volume of 675584 shares trading hands. The stock had previously closed at $29.36.
Analysts Set New Price Targets
Several analysts have recently issued reports on the company. Evercore ISI began coverage on Allegro MicroSystems in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective on the stock. Needham & Company LLC cut their price target on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a research note on Friday, February 2nd. Finally, TD Cowen raised their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.50.
Check Out Our Latest Research Report on ALGM
Allegro MicroSystems Stock Performance
Institutional Investors Weigh In On Allegro MicroSystems
A number of institutional investors have recently added to or reduced their stakes in ALGM. GAMMA Investing LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth approximately $28,000. Tucker Asset Management LLC raised its holdings in Allegro MicroSystems by 46.2% in the 3rd quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock valued at $48,000 after acquiring an additional 474 shares during the last quarter. Pineridge Advisors LLC acquired a new position in Allegro MicroSystems in the 4th quarter valued at $49,000. Huntington National Bank raised its holdings in Allegro MicroSystems by 85.0% in the 3rd quarter. Huntington National Bank now owns 1,991 shares of the company’s stock valued at $64,000 after acquiring an additional 915 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Allegro MicroSystems by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock valued at $64,000 after buying an additional 425 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.
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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.
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