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

Allegro MicroSystems (NASDAQ:ALGM)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a report issued on Monday,Benzinga reports. They currently have a $30.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 17.60% from the company’s previous close.

ALGM has been the subject of a number of other research reports. Barclays boosted their price objective 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 research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Wells Fargo & Company increased their price objective 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. Finally, Morgan Stanley boosted their target price 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. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Allegro MicroSystems has an average rating of “Moderate Buy” and a consensus target price of $30.70.

Allegro MicroSystems Stock Performance

NASDAQ ALGM traded down $1.10 during trading hours on Monday, reaching $25.51. The company’s stock had a trading volume of 2,077,027 shares, compared to its average volume of 2,570,477. The stock has a market cap of $4.70 billion, a PE ratio of -72.77 and a beta of 1.66. The business has a 50-day simple moving average of $23.74 and a 200 day simple moving average of $22.69. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week 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.

Institutional Trading of Allegro MicroSystems

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp increased its stake 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 during the period. Toronto Dominion Bank boosted its stake in Allegro MicroSystems by 20.5% during the 4th quarter. Toronto Dominion Bank now owns 19,085 shares of the company’s stock valued at $417,000 after purchasing an additional 3,253 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Allegro MicroSystems by 38.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 269,003 shares of the company’s stock valued at $5,880,000 after purchasing an additional 74,681 shares during the period. Woodline Partners LP raised its stake in shares of Allegro MicroSystems by 18.4% in the 4th quarter. Woodline Partners LP now owns 1,833,705 shares of the company’s stock worth $40,085,000 after buying an additional 285,573 shares in the last quarter. Finally, Two Sigma Advisers LP raised its stake in shares of Allegro MicroSystems by 12.8% in the 4th quarter. Two Sigma Advisers LP now owns 707,400 shares of the company’s stock worth $15,464,000 after buying an additional 80,400 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.

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.