Allegro MicroSystems (NASDAQ:ALGM) Stock Price Up 8.2% – Still a Buy?

Allegro MicroSystems, Inc. (NASDAQ:ALGM) shot up 8.2% on Thursday . The stock traded as high as $27.00 and last traded at $26.98. 390,964 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 3,210,700 shares. The stock had previously closed at $24.94.

Analyst Upgrades and Downgrades

Several research firms have commented on ALGM. Morgan Stanley upped 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. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company raised their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Finally, Barclays lifted their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Price Performance

The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The stock has a fifty day moving average of $24.55 and a 200-day moving average of $22.77. The firm has a market capitalization of $4.76 billion, a P/E ratio of -73.98 and a beta of 1.67.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. FMR LLC boosted its holdings in Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after acquiring an additional 8,534,089 shares during the last quarter. Wellington Management Group LLP acquired a new position in Allegro MicroSystems during the 3rd quarter valued at about $71,289,000. JPMorgan Chase & Co. boosted its stake in shares of Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $35,433,000. Finally, State Street Corp raised its stake in shares of Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after buying an additional 1,615,351 shares during the last quarter. 56.45% of the stock is currently owned by 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.