Allegro MicroSystems (NASDAQ:ALGM) Trading 8.2% Higher – Time to Buy?

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was up 8.2% during trading on Thursday . The company traded as high as $27.00 and last traded at $26.98. Approximately 390,964 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 3,210,700 shares. The stock had previously closed at $24.94.

Analyst Ratings Changes

A number of equities analysts have issued reports on ALGM shares. Barclays raised their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Morgan Stanley upped their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Finally, Wells Fargo & Company lifted their price target 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 investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

Allegro MicroSystems Price Performance

The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The company’s 50-day moving average price is $24.55 and its 200-day moving average price is $22.77. The company has a market cap of $4.76 billion, a P/E ratio of -73.98 and a beta of 1.67.

Hedge Funds Weigh In On Allegro MicroSystems

A number of large investors have recently added to or reduced their stakes in ALGM. TD Waterhouse Canada Inc. acquired a new position in shares of Allegro MicroSystems during the fourth quarter worth about $40,000. Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems in the fourth quarter worth $47,000. KBC Group NV boosted its holdings in 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 purchasing an additional 1,042 shares during the last quarter. Quarry LP bought a new position in Allegro MicroSystems in the fourth quarter valued at $79,000. Finally, Sterling Capital Management LLC lifted its position in Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock worth $161,000 after buying an additional 2,758 shares in the last quarter. Institutional investors 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.