TD Cowen Boosts Allegro MicroSystems (NASDAQ:ALGM) Price Target to $35.00

Allegro MicroSystems (NASDAQ:ALGM) had its price objective upped by TD Cowen from $32.00 to $35.00 in a research report released on Thursday, Benzinga reports. TD Cowen currently has a buy rating on the stock.

A number of other brokerages have also weighed in on ALGM. Jefferies Financial Group started coverage on Allegro MicroSystems in a research report on Monday, May 13th. They issued a buy rating and a $37.00 target price for the company. Barclays lowered their price objective on shares of Allegro MicroSystems from $35.00 to $32.00 and set an overweight rating on the stock in a research report on Friday, May 10th. Mizuho cut their target price on shares of Allegro MicroSystems from $45.00 to $35.00 and set a buy rating for the company in a research report on Friday, May 10th. Needham & Company LLC lowered their price target on Allegro MicroSystems from $40.00 to $33.00 and set a buy rating on the stock in a report on Friday, May 10th. Finally, 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 target on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $37.44.

Allegro MicroSystems Trading Down 3.8 %

NASDAQ:ALGM opened at $28.02 on Thursday. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 35.92 and a beta of 1.70. The company has a quick ratio of 3.48, a current ratio of 4.85 and a debt-to-equity ratio of 0.22. The company’s 50 day moving average price is $28.83 and its 200-day moving average price is $28.80. Allegro MicroSystems has a 52 week low of $23.64 and a 52 week high of $53.05.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, May 9th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. The business had revenue of $240.58 million for the quarter, compared to analysts’ expectations of $235.00 million. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. On average, equities research analysts forecast that Allegro MicroSystems will post 0.23 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Richard R. Lury sold 8,500 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $30.00, for a total value of $255,000.00. Following the transaction, the director now directly owns 23,001 shares of the company’s stock, valued at approximately $690,030. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 9.70% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC purchased a new stake in Allegro MicroSystems in the 4th quarter worth approximately $28,000. Tucker Asset Management LLC raised its position in shares of Allegro MicroSystems by 46.2% during the 3rd quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock valued at $48,000 after purchasing an additional 474 shares during the period. Pineridge Advisors LLC bought a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $49,000. Quadrant Capital Group LLC lifted 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 in the last quarter. Finally, Psagot Value Holdings Ltd. Israel boosted its holdings in Allegro MicroSystems by 28.5% in the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company’s stock worth $70,000 after buying an additional 502 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.