Allegro MicroSystems (NASDAQ:ALGM) Shares Up 8.2% – What’s Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price shot up 8.2% during trading on Thursday . The stock traded as high as $27.00 and last traded at $26.98. 390,964 shares traded 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 recently issued reports on ALGM. Morgan Stanley lifted their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Barclays lifted their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

Allegro MicroSystems Trading Up 2.1 %

The stock has a market capitalization of $4.93 billion, a PE ratio of -76.51 and a beta of 1.67. 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 business’s 50-day moving average is $24.68 and its two-hundred day moving average is $22.81.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds have recently made changes to their positions in ALGM. State of New Jersey Common Pension Fund D acquired a new stake in shares of Allegro MicroSystems during the third quarter worth about $1,890,000. Victory Capital Management Inc. boosted its stake in shares of Allegro MicroSystems by 90.3% during the third quarter. Victory Capital Management Inc. now owns 31,461 shares of the company’s stock worth $733,000 after buying an additional 14,925 shares during the period. KBC Group NV boosted its stake in shares of Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after buying an additional 1,042 shares during the period. Natixis Advisors LLC boosted its stake in shares of Allegro MicroSystems by 5.7% during the third quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock worth $700,000 after buying an additional 1,625 shares during the period. Finally, Mutual of America Capital Management LLC boosted its stake in shares of Allegro MicroSystems by 105.3% during the third quarter. Mutual of America Capital Management LLC now owns 84,003 shares of the company’s stock worth $1,957,000 after buying an additional 43,090 shares during the period. Institutional investors and hedge funds 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.