Needham & Company LLC Reiterates “Buy” Rating for Allegro MicroSystems (NASDAQ:ALGM)

Needham & Company LLC reissued their buy rating on shares of Allegro MicroSystems (NASDAQ:ALGM) in a report published on Friday,Benzinga reports. The firm currently has a $30.00 target price on the stock.

Several other brokerages have also recently commented on ALGM. Loop Capital initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research report on Friday, October 18th. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target on the stock. Barclays raised their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, Wells Fargo & Company raised their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. One research analyst has rated the stock with a hold rating and ten have issued 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 $30.91.

Allegro MicroSystems Stock Up 0.4 %

Shares of Allegro MicroSystems stock opened at $24.09 on Friday. The business has a 50-day moving average of $22.67 and a 200-day moving average of $22.77. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The company has a market capitalization of $4.43 billion, a PE ratio of -172.06 and a beta of 1.65. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26.

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

Insider Buying and Selling at Allegro MicroSystems

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

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGM. Venturi Wealth Management LLC bought a new stake in Allegro MicroSystems during the fourth quarter worth approximately $47,000. KBC Group NV raised 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 in the last quarter. Van ECK Associates Corp bought a new stake in Allegro MicroSystems during the third quarter worth approximately $172,000. Intech Investment Management LLC bought a new stake in Allegro MicroSystems during the third quarter worth approximately $214,000. Finally, nVerses Capital LLC bought a new stake in Allegro MicroSystems during the third quarter worth approximately $231,000. 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.