Allegro MicroSystems (NASDAQ:ALGM) Price Target Lowered to $35.00 at Mizuho

Allegro MicroSystems (NASDAQ:ALGM) had its price objective dropped by investment analysts at Mizuho from $45.00 to $35.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Mizuho’s price target would suggest a potential upside of 26.49% from the company’s current price.

Several other research firms have also commented on ALGM. TD Cowen lowered their price objective on Allegro MicroSystems from $35.00 to $32.00 and set a “buy” rating on the stock in a research report on Friday. Wolfe Research raised shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a report on Friday, February 2nd. Evercore ISI initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective for the company. Finally, Needham & Company LLC reduced their target price on Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.63.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $27.67 on Friday. Allegro MicroSystems has a 52-week low of $23.64 and a 52-week high of $53.05. The company has a quick ratio of 3.19, a current ratio of 4.57 and a debt-to-equity ratio of 0.22. The stock has a market cap of $5.34 billion, a PE ratio of 24.27 and a beta of 1.72. The business has a 50-day simple moving average of $28.29 and a 200-day simple moving average of $28.39.

Institutional Trading of Allegro MicroSystems

Large investors have recently bought and sold shares of the business. FMR LLC lifted its stake in Allegro MicroSystems by 13.8% in the 3rd quarter. FMR LLC now owns 9,234,454 shares of the company’s stock worth $294,948,000 after purchasing an additional 1,121,651 shares in the last quarter. 1832 Asset Management L.P. acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $28,756,000. JPMorgan Chase & Co. lifted its position in Allegro MicroSystems by 21.9% during the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after buying an additional 727,535 shares in the last quarter. Norges Bank acquired a new position in Allegro MicroSystems during the fourth quarter worth $15,791,000. Finally, GW&K Investment Management LLC boosted its stake in Allegro MicroSystems by 90.9% during the fourth quarter. GW&K Investment Management LLC now owns 1,050,208 shares of the company’s stock worth $31,790,000 after buying an additional 499,936 shares during 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.