Fintel reports that on November 7, 2024, Morgan Stanley initiated coverage of Allegro MicroSystems (NasdaqGS:ALGM) with a Equal-Weight recommendation.
Analyst Price Forecast Suggests 40.19% Upside
As of October 22, 2024, the average one-year price target for Allegro MicroSystems is $31.07/share. The forecasts range from a low of $25.25 to a high of $36.75. The average price target represents an increase of 40.19% from its latest reported closing price of $22.16 / share.
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The projected annual revenue for Allegro MicroSystems is 1,176MM, an increase of 38.37%. The projected annual non-GAAP EPS is 1.46.
What is the Fund Sentiment?
There are 692 funds or institutions reporting positions in Allegro MicroSystems. This is an increase of 2 owner(s) or 0.29% in the last quarter. Average portfolio weight of all funds dedicated to ALGM is 0.18%, an increase of 18.75%. Total shares owned by institutions increased in the last three months by 2.60% to 134,880K shares. 
The put/call ratio of ALGM is 1.90, indicating a bearish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 9,139K shares representing 4.97% ownership of the company. In its prior filing, the firm reported owning 5,654K shares , representing an increase of 38.13%. The firm increased its portfolio allocation in ALGM by 64.42% over the last quarter.
FSELX - Semiconductors Portfolio holds 7,899K shares representing 4.29% ownership of the company. In its prior filing, the firm reported owning 5,396K shares , representing an increase of 31.68%. The firm increased its portfolio allocation in ALGM by 15.03% over the last quarter.
Invesco holds 5,918K shares representing 3.22% ownership of the company. In its prior filing, the firm reported owning 4,080K shares , representing an increase of 31.06%. The firm increased its portfolio allocation in ALGM by 49.60% over the last quarter.
Clearbridge Investments holds 3,679K shares representing 2.00% ownership of the company. In its prior filing, the firm reported owning 3,731K shares , representing a decrease of 1.41%. The firm increased its portfolio allocation in ALGM by 5.31% over the last quarter.
T. Rowe Price Investment Management holds 2,854K shares representing 1.55% ownership of the company. In its prior filing, the firm reported owning 2,767K shares , representing an increase of 3.05%. The firm increased its portfolio allocation in ALGM by 11.45% over the last quarter.
Allegro Microsystems Background Information
(This description is provided by the company.)
Allegro MicroSystems is redefining the future of sensing and power technologies. From green energy to advanced mobility and motion control systems, its team is passionate about developing intelligent solutions that move the world forward and give its customers a competitive edge. With global engineering, manufacturing and support, Allegro is a trusted partner to both large enterprises and regional market leaders worldwide.
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This story originally appeared on Fintel.
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