Needham & Company LLC Issues Positive Forecast for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its target price upped by Needham & Company LLC from $41.00 to $45.00 in a report released on Thursday morning, MarketBeat.com reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also issued research reports about the company. Morgan Stanley raised Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 price target for the company in a research report on Friday, February 13th. Jefferies Financial Group restated a “buy” rating and set a $45.00 target price on shares of Allegro MicroSystems in a report on Thursday. Wall Street Zen raised Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, January 18th. Bank of America boosted their price objective on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Finally, Wells Fargo & Company upped their price objective on shares of Allegro MicroSystems from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Allegro MicroSystems Stock Down 6.0%

Shares of NASDAQ ALGM opened at $36.26 on Thursday. The firm’s fifty day moving average is $32.89 and its 200 day moving average is $30.40. Allegro MicroSystems has a 52 week low of $16.38 and a 52 week high of $43.86. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30. The company has a market cap of $6.72 billion, a price-to-earnings ratio of -453.25 and a beta of 1.63.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The business had revenue of $229.21 million for the quarter, compared to analyst estimates of $220.78 million. During the same quarter last year, the firm earned $0.07 EPS. The company’s revenue was up 28.9% on a year-over-year basis. On average, equities research analysts expect that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALGM. Capital Research Global Investors grew its position in shares of Allegro MicroSystems by 5.8% in the 3rd quarter. Capital Research Global Investors now owns 16,824,722 shares of the company’s stock worth $491,282,000 after buying an additional 920,365 shares during the period. Vanguard Group Inc. boosted its stake in Allegro MicroSystems by 0.6% during the third quarter. Vanguard Group Inc. now owns 14,293,465 shares of the company’s stock worth $417,369,000 after acquiring an additional 87,526 shares in the last quarter. Invesco Ltd. grew its holdings in Allegro MicroSystems by 44.0% in the fourth quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock worth $201,835,000 after purchasing an additional 2,338,624 shares during the period. State Street Corp increased its stake in shares of Allegro MicroSystems by 1.5% during the fourth quarter. State Street Corp now owns 5,359,488 shares of the company’s stock valued at $141,383,000 after purchasing an additional 78,203 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in shares of Allegro MicroSystems by 77.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,803,944 shares of the company’s stock valued at $73,968,000 after purchasing an additional 1,227,317 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.