Allegro MicroSystems (NASDAQ:ALGM) Price Target Cut to $32.00 by Analysts at TD Cowen

Allegro MicroSystems (NASDAQ:ALGM) had its target price reduced by research analysts at TD Cowen from $35.00 to $32.00 in a research note issued to investors on Friday, Marketbeat reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 15.65% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Needham & Company LLC decreased their target price on Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating for the company in a research report on Friday. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Friday, February 2nd. Finally, Evercore ISI initiated coverage on Allegro MicroSystems in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.63.

Allegro MicroSystems Stock Down 5.8 %

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

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently made changes to their positions in ALGM. Vanguard Group Inc. raised its stake in Allegro MicroSystems by 5.1% during the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after buying an additional 355,814 shares during the period. South Dakota Investment Council bought a new stake in Allegro MicroSystems during the 4th quarter valued at $1,059,000. JPMorgan Chase & Co. raised its holdings 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 during the last quarter. Sei Investments Co. lifted its stake in shares of Allegro MicroSystems by 42.5% in the third quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock valued at $12,494,000 after buying an additional 116,603 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Allegro MicroSystems by 51.6% during the third quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company’s stock valued at $3,941,000 after buying an additional 41,999 shares during the last quarter. 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.