Needham & Company LLC Cuts Allegro MicroSystems (NASDAQ:ALGM) Price Target to $25.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price cut by investment analysts at Needham & Company LLC from $30.00 to $25.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 18.53% from the stock’s current price.

Several other equities research analysts have also issued reports on ALGM. Mizuho lifted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, March 24th. Wells Fargo & Company upped their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Morgan Stanley upped their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Barclays dropped their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Finally, UBS Group dropped their price objective on Allegro MicroSystems from $30.00 to $22.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Allegro MicroSystems Trading Up 12.9 %

Allegro MicroSystems stock opened at $21.09 on Friday. The firm has a 50-day moving average price of $22.66 and a two-hundred day moving average price of $22.70. The firm has a market capitalization of $3.88 billion, a price-to-earnings ratio of -60.26 and a beta of 1.57. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. Allegro MicroSystems has a 52-week low of $16.38 and a 52-week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The company had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same period last year, the company earned $0.25 earnings per share. Sell-side analysts expect that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Institutional Trading of Allegro MicroSystems

Hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp lifted its position in Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock worth $33,000 after buying an additional 504 shares in the last quarter. UMB Bank n.a. lifted its holdings 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 buying an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $40,000. Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth $47,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Allegro MicroSystems in the 1st quarter valued at approximately $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.