Allegro MicroSystems (NASDAQ:ALGM) Given New $22.00 Price Target at Barclays

Allegro MicroSystems (NASDAQ:ALGM) had its price target dropped by stock analysts at Barclays from $30.00 to $22.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 30.33% from the company’s previous close.

Several other analysts have also recently weighed in on ALGM. Needham & Company LLC reissued a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Morgan Stanley increased their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Wells Fargo & Company raised their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, Mizuho increased their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, March 24th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Allegro MicroSystems presently has an average rating of “Moderate Buy” and an average price target of $29.78.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock traded up $0.35 during midday trading on Tuesday, reaching $16.88. 1,080,677 shares of the company’s stock were exchanged, compared to its average volume of 2,441,487. The stock’s 50-day simple moving average is $24.27 and its 200 day simple moving average is $22.89. Allegro MicroSystems has a 52 week low of $16.38 and a 52 week high of $33.26. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of -48.23 and a beta of 1.53. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp lifted its position in Allegro MicroSystems by 63.7% in the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock valued at $33,000 after purchasing an additional 504 shares during the last quarter. UMB Bank n.a. raised its holdings in Allegro MicroSystems by 68.6% during the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock valued at $36,000 after buying an additional 578 shares during the last quarter. TD Waterhouse Canada Inc. bought a new stake in Allegro MicroSystems in the 4th quarter worth $40,000. Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems in the fourth quarter valued at about $47,000. Finally, Quarry LP bought a new stake in shares of Allegro MicroSystems in the 4th quarter worth approximately $79,000. 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.