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

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

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

Allegro MicroSystems Trading Down 1.0 %

Shares of ALGM opened at $23.25 on Monday. Allegro MicroSystems has a fifty-two week low of $18.59 and a fifty-two week high of $33.26. The stock has a market capitalization of $4.28 billion, a PE ratio of -66.43 and a beta of 1.66. The company’s fifty day moving average is $23.87 and its 200 day moving average is $22.71. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after buying an additional 8,534,089 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Allegro MicroSystems in the third quarter worth $71,289,000. JPMorgan Chase & Co. lifted its position in 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 purchasing an additional 1,884,578 shares during the period. Schonfeld Strategic Advisors LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at about $35,433,000. Finally, State Street Corp lifted its holdings in shares of Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after buying an additional 1,615,351 shares during the period. Hedge funds and other 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.