Allegro MicroSystems (NASDAQ:ALGM) Reaches New 1-Year High – Time to Buy?

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) reached a new 52-week high on Wednesday . The company traded as high as $40.88 and last traded at $38.24, with a volume of 971546 shares. The stock had previously closed at $38.89.

Analyst Ratings Changes

ALGM has been the subject of several research reports. Morgan Stanley lifted their price target on shares of Allegro MicroSystems from $35.00 to $45.00 and gave the company an “equal weight” rating in a research report on Friday, January 30th. Mizuho set a $38.00 price objective on Allegro MicroSystems in a report on Tuesday, December 16th. Wells Fargo & Company raised their target price on Allegro MicroSystems from $40.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, January 30th. UBS Group upped their price target on Allegro MicroSystems from $40.00 to $44.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Finally, Jefferies Financial Group increased their price target on Allegro MicroSystems from $37.00 to $43.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.50.

Allegro MicroSystems Price Performance

The firm has a market cap of $7.10 billion, a PE ratio of -476.68 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.65 and a quick ratio of 2.39. The business’s fifty day moving average is $29.79 and its 200-day moving average is $29.77.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.14 by $0.01. Allegro MicroSystems had a positive return on equity of 4.35% and a negative net margin of 1.57%.The business had revenue of $229.21 million for the quarter, compared to the consensus estimate of $220.78 million. During the same quarter in the prior year, the business earned $0.07 earnings per share. Allegro MicroSystems’s revenue for the quarter was up 28.9% on a year-over-year basis. On average, research analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Bayforest Capital Ltd purchased a new stake in Allegro MicroSystems in the second quarter worth about $650,000. Geode Capital Management LLC lifted its position in Allegro MicroSystems by 0.7% during the second quarter. Geode Capital Management LLC now owns 2,405,986 shares of the company’s stock valued at $82,274,000 after buying an additional 17,902 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Allegro MicroSystems during the 2nd quarter valued at $481,000. KLP Kapitalforvaltning AS grew its position in shares of Allegro MicroSystems by 10.4% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 27,500 shares of the company’s stock worth $940,000 after buying an additional 2,600 shares during the period. Finally, Segall Bryant & Hamill LLC increased its stake in shares of Allegro MicroSystems by 1.3% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 1,328,254 shares of the company’s stock worth $45,413,000 after acquiring an additional 16,728 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

About Allegro MicroSystems

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.