Needham & Company LLC Trims Allegro MicroSystems (NASDAQ:ALGM) Target Price to $33.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price reduced by analysts at Needham & Company LLC from $40.00 to $33.00 in a research note issued to investors on Friday, Stock Target Advisor reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 19.26% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a research report on Friday, February 2nd. TD Cowen upped their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Finally, Evercore ISI started coverage on shares of Allegro MicroSystems in a research report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.63.

Allegro MicroSystems Stock Down 5.8 %

NASDAQ ALGM opened at $27.67 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. Allegro MicroSystems has a fifty-two week low of $23.64 and a fifty-two week high of $53.05. The stock has a market capitalization of $5.34 billion, a PE ratio of 24.27 and a beta of 1.72. The business has a fifty day moving average price of $28.29 and a two-hundred day moving average price of $28.39.

Institutional Trading of Allegro MicroSystems

Several large investors have recently modified their holdings of ALGM. Vanguard Group Inc. boosted its stake in Allegro MicroSystems by 5.1% during the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after acquiring an additional 355,814 shares in the last quarter. South Dakota Investment Council bought a new position in shares of Allegro MicroSystems during the 4th quarter worth about $1,059,000. JPMorgan Chase & Co. grew its stake in shares of Allegro MicroSystems by 21.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock valued at $129,435,000 after buying an additional 727,535 shares during the period. Sei Investments Co. increased its position in Allegro MicroSystems by 42.5% in the 3rd quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock valued at $12,494,000 after buying an additional 116,603 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Allegro MicroSystems by 51.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company’s stock worth $3,941,000 after buying an additional 41,999 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Company Profile

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.