Allegro MicroSystems (NASDAQ:ALGM) Given New $35.00 Price Target at Mizuho

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

ALGM has been the topic of a number of other reports. Evercore ISI started coverage on Allegro MicroSystems in a research report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price objective on the stock. Needham & Company LLC dropped their price target on shares of Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating on the stock in a report on Friday. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target for the company in a research note on Friday, February 2nd. Finally, TD Cowen lowered their price objective on shares of Allegro MicroSystems from $35.00 to $32.00 and set a “buy” rating on the stock in a research report on Friday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus price target of $40.63.

Allegro MicroSystems Stock Performance

ALGM stock opened at $27.67 on Friday. The stock has a market capitalization of $5.34 billion, a PE ratio of 24.27 and a beta of 1.72. The stock’s 50 day simple moving average is $28.29 and its 200 day simple moving average is $28.39. Allegro MicroSystems has a 12-month low of $23.64 and a 12-month high of $53.05. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ALGM. FMR LLC lifted its holdings in shares of Allegro MicroSystems by 13.8% in the third quarter. FMR LLC now owns 9,234,454 shares of the company’s stock worth $294,948,000 after buying an additional 1,121,651 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $28,756,000. JPMorgan Chase & Co. boosted its holdings in shares of Allegro MicroSystems by 21.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after purchasing an additional 727,535 shares during the period. Norges Bank bought a new position in shares of Allegro MicroSystems during the 4th quarter valued at approximately $15,791,000. Finally, GW&K Investment Management LLC raised its holdings in Allegro MicroSystems by 90.9% during the 4th quarter. GW&K Investment Management LLC now owns 1,050,208 shares of the company’s stock valued at $31,790,000 after buying an additional 499,936 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.