Allegro MicroSystems’ (ALGM) Buy Rating Reaffirmed at Needham & Company LLC

Allegro MicroSystems (NASDAQ:ALGM)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report released on Friday,Benzinga reports. They presently have a $30.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 25.00% from the stock’s current price.

A number of other research analysts also recently weighed in on the company. Morgan Stanley initiated coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. Barclays raised their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Loop Capital started coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price for the company. Finally, Wells Fargo & Company raised their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.91.

Allegro MicroSystems Stock Performance

ALGM stock opened at $24.00 on Friday. The firm has a 50 day moving average of $22.62 and a two-hundred day moving average of $22.82. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of -171.42 and a beta of 1.65. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42.

Allegro MicroSystems (NASDAQ:ALGM) last posted 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. The company 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 business’s revenue was down 32.0% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the transaction, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Westfield Capital Management Co. LP grew its stake in shares of Allegro MicroSystems by 54.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock valued at $46,937,000 after purchasing an additional 711,185 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after acquiring an additional 1,884,578 shares during the period. Geode Capital Management LLC grew its holdings in shares of Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Allegro MicroSystems during the 3rd quarter worth about $71,289,000. Finally, Pier Capital LLC bought a new position in Allegro MicroSystems during the 3rd quarter valued at about $7,514,000. 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.