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 research report report published on Monday morning,Benzinga reports. They currently have a $30.00 target price on the stock.

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

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $23.25 on Monday. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The firm’s fifty day simple moving average is $23.87 and its 200 day simple moving average is $22.71. The stock has a market cap of $4.28 billion, a P/E ratio of -66.43 and a beta of 1.66. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds have recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. bought a new position in shares of Allegro MicroSystems during the fourth quarter valued at $40,000. Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $47,000. Quarry LP bought a new position in Allegro MicroSystems during the fourth quarter valued at approximately $79,000. KBC Group NV grew its holdings in shares of Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after acquiring an additional 1,042 shares during the period. Finally, Sterling Capital Management LLC increased its position in shares of Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock valued at $161,000 after purchasing an additional 2,758 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other 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.