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

Needham & Company LLC reaffirmed their buy rating on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research note published on Monday morning,Benzinga reports. They currently have a $30.00 price objective on the stock.

A number of other research firms have also weighed in on ALGM. Morgan Stanley lifted their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Barclays raised their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Loop Capital assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Wells Fargo & Company boosted their price objective 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 research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and a consensus target price of $30.70.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock opened at $25.01 on Monday. 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 $4.60 billion, a price-to-earnings ratio of -71.46 and a beta of 1.66. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The business’s 50 day simple moving average is $23.79 and its 200 day simple moving average is $22.70.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors have recently added to or reduced their stakes in ALGM. Mackenzie Financial Corp increased its holdings in shares of Allegro MicroSystems by 2.8% during the fourth quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock valued at $398,000 after acquiring an additional 491 shares in the last quarter. Avior Wealth Management LLC increased its stake in shares of Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after purchasing an additional 737 shares in the last quarter. Prosperity Financial Group Inc. increased its holdings in Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after acquiring an additional 784 shares in the last quarter. KBC Group NV boosted its holdings in Allegro MicroSystems by 40.9% in 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 period. Finally, Keybank National Association OH raised its stake in Allegro MicroSystems by 14.9% during the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after purchasing an additional 1,522 shares during the period. Institutional investors own 56.45% of the company’s stock.

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.