Allegro MicroSystems (NASDAQ:ALGM) Given New $45.00 Price Target at Needham & Company LLC

Allegro MicroSystems (NASDAQ:ALGM) had its target price hoisted by Needham & Company LLC from $41.00 to $45.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 16.61% from the stock’s current price.

Several other research firms have also recently commented on ALGM. Mizuho set a $38.00 price target on shares of Allegro MicroSystems in a report on Tuesday, December 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Allegro MicroSystems in a research note on Monday, December 29th. Jefferies Financial Group reissued a “buy” rating and issued a $45.00 target price on shares of Allegro MicroSystems in a report on Thursday. Wells Fargo & Company upped their price objective on Allegro MicroSystems from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Finally, Morgan Stanley raised Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 target price on the stock in a research report on Friday, February 13th. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.00.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $38.59 on Thursday. The company has a market cap of $7.15 billion, a P/E ratio of -482.38 and a beta of 1.63. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two 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 firm’s 50 day moving average price is $32.73 and its 200 day moving average price is $30.36.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, January 29th. The company reported $0.15 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $220.78 million. During the same quarter in the previous year, the firm posted $0.07 earnings per share. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. On average, research analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ALGM. Corient Private Wealth LLC boosted its holdings in shares of Allegro MicroSystems by 52.9% in the fourth quarter. Corient Private Wealth LLC now owns 15,345 shares of the company’s stock valued at $408,000 after acquiring an additional 5,311 shares during the period. Mercer Global Advisors Inc. ADV raised its position in Allegro MicroSystems by 23.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 10,502 shares of the company’s stock valued at $277,000 after purchasing an additional 1,977 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in Allegro MicroSystems by 201.9% during the 4th quarter. Tudor Investment Corp ET AL now owns 25,665 shares of the company’s stock worth $677,000 after purchasing an additional 17,165 shares during the period. Man Group plc grew its position in Allegro MicroSystems by 79.8% during the 4th quarter. Man Group plc now owns 387,105 shares of the company’s stock worth $10,212,000 after purchasing an additional 171,818 shares during the last quarter. Finally, Engineers Gate Manager LP increased its stake in Allegro MicroSystems by 506.7% in the fourth quarter. Engineers Gate Manager LP now owns 419,600 shares of the company’s stock valued at $11,069,000 after purchasing an additional 350,434 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

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.