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

Allegro MicroSystems (NASDAQ:ALGM) had its target price cut by research analysts at Needham & Company LLC from $40.00 to $33.00 in a research report issued on Friday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 19.26% from the company’s current price.

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

Allegro MicroSystems Price Performance

Shares of ALGM opened at $27.67 on Friday. The firm’s 50-day simple moving average is $28.29 and its two-hundred day simple moving average is $28.39. 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 cap of $5.34 billion, a PE ratio of 24.27 and a beta of 1.72. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57.

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC grew its position in Allegro MicroSystems by 46.2% in the 3rd quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock worth $48,000 after purchasing an additional 474 shares during the period. Pineridge Advisors LLC purchased a new stake in Allegro MicroSystems during the 4th quarter valued at $49,000. Huntington National Bank lifted its holdings in shares of Allegro MicroSystems by 85.0% during the 3rd quarter. Huntington National Bank now owns 1,991 shares of the company’s stock valued at $64,000 after buying an additional 915 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in shares of Allegro MicroSystems by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after buying an additional 425 shares during the last quarter. Institutional investors 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.