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

Allegro MicroSystems (NASDAQ:ALGM)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $30.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 27.71% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company raised their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Barclays increased their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Loop Capital began coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective for the company. Finally, Morgan Stanley increased their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and a consensus price target of $30.70.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $23.49 on Monday. The firm’s 50 day moving average is $23.82 and its two-hundred day moving average is $22.71. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26. The firm has a market capitalization of $4.33 billion, a P/E ratio of -67.11 and a beta of 1.66. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Institutional Trading of Allegro MicroSystems

Large investors have recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. bought a new stake in Allegro MicroSystems during the fourth quarter worth approximately $40,000. Venturi Wealth Management LLC bought a new stake in Allegro MicroSystems during the fourth quarter worth approximately $47,000. Quarry LP bought a new stake in Allegro MicroSystems during the fourth quarter worth approximately $79,000. 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 buying an additional 1,042 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in Allegro MicroSystems by 59.9% during the fourth 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. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Company Profile

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.