Allegro MicroSystems (NASDAQ:ALGM) Sets New 52-Week 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 $50.31 and last traded at $49.68, with a volume of 2965997 shares changing hands. The stock had previously closed at $49.48.

Analyst Ratings Changes

Several research analysts have issued reports on the company. UBS Group raised their target price on Allegro MicroSystems from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, January 18th. TD Cowen raised their price objective on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Needham & Company LLC boosted their target price on shares of Allegro MicroSystems from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. Finally, Morgan Stanley raised shares of Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 target price for the company in a report on Friday, February 13th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Allegro MicroSystems Stock Up 0.4%

The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.39 and a current ratio of 3.65. The company’s 50-day moving average price is $35.99 and its 200 day moving average price is $32.51. The stock has a market capitalization of $9.21 billion, a P/E ratio of -621.00 and a beta of 2.02.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Maryland State Retirement & Pension System bought a new position in shares of Allegro MicroSystems in the first quarter worth about $214,000. State of Michigan Retirement System grew its position in shares of Allegro MicroSystems by 2.0% during the first quarter. State of Michigan Retirement System now owns 29,900 shares of the company’s stock worth $943,000 after purchasing an additional 600 shares in the last quarter. Principal Financial Group Inc. raised its stake in Allegro MicroSystems by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 1,790,466 shares of the company’s stock valued at $56,453,000 after purchasing an additional 48,170 shares during the period. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Allegro MicroSystems by 2.5% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 40,633 shares of the company’s stock worth $1,281,000 after buying an additional 1,000 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in Allegro MicroSystems by 2,377.7% in the 1st quarter. Fifth Third Bancorp now owns 29,063 shares of the company’s stock worth $916,000 after purchasing an additional 27,890 shares in the last quarter. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Company Profile

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.