Allegro MicroSystems (NASDAQ:ALGM) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report sent to investors on Friday,Benzinga reports. They currently have a $30.00 price target on the stock.

Several other equities research analysts have also commented on the company. Mizuho set a $26.00 price target on Allegro MicroSystems in a research note on Friday, October 18th. Loop Capital began coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. Wells Fargo & Company boosted their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Barclays upped their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Morgan Stanley assumed coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and an average price target of $30.91.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $24.09 on Friday. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The business’s 50 day moving average is $22.67 and its two-hundred day moving average is $22.77. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26. The stock has a market capitalization of $4.43 billion, a price-to-earnings ratio of -172.06 and a beta of 1.65.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. The business had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company’s quarterly revenue was down 32.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.36 EPS.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction on Monday, November 18th. The shares were bought at an average price of $19.00 per share, with a total value of $285,000.00. Following the purchase, the senior vice president now directly owns 246,086 shares in the company, valued at $4,675,634. This trade represents a 6.49 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

A number of institutional investors and hedge funds have recently made changes to their positions in ALGM. Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth $47,000. KBC Group NV increased its holdings in shares of Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after buying an additional 1,042 shares during the last quarter. Van ECK Associates Corp acquired a new stake in shares of Allegro MicroSystems during the 3rd quarter worth $172,000. Intech Investment Management LLC acquired a new stake in shares of Allegro MicroSystems during the 3rd quarter worth $214,000. Finally, nVerses Capital LLC acquired a new stake in shares of Allegro MicroSystems during the 3rd quarter worth $231,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.