Needham & Company LLC Has Lowered Expectations for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its price target reduced by Needham & Company LLC from $30.00 to $25.00 in a report issued on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company increased their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Mizuho raised their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. Morgan Stanley boosted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. UBS Group cut their target price on Allegro MicroSystems from $30.00 to $22.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Finally, Barclays lowered their price target on Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.44.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM opened at $22.33 on Friday. Allegro MicroSystems has a 12-month low of $16.38 and a 12-month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The company has a market cap of $4.11 billion, a PE ratio of -63.80 and a beta of 1.57. The stock has a 50 day simple moving average of $22.60 and a 200-day simple moving average of $22.73.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. During the same quarter in the previous year, the firm posted $0.25 EPS. The firm’s quarterly revenue was down 19.9% on a year-over-year basis. On average, equities research analysts forecast that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ALGM. Fifth Third Bancorp lifted its position in shares of Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock valued at $33,000 after acquiring an additional 504 shares during the last quarter. UMB Bank n.a. raised its position in shares of Allegro MicroSystems by 68.6% during the first quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock worth $36,000 after purchasing an additional 578 shares during the period. TD Waterhouse Canada Inc. purchased a new stake in shares of Allegro MicroSystems during the fourth quarter valued at $40,000. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at $47,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Allegro MicroSystems in the 1st quarter valued at $71,000. Institutional investors and hedge funds 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.