Needham & Company LLC Forecasts Strong Price Appreciation for Allegro MicroSystems (NASDAQ:ALGM) Stock

Allegro MicroSystems (NASDAQ:ALGM) had its price objective increased by investment analysts at Needham & Company LLC from $41.00 to $45.00 in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 15.59% from the company’s previous close.

Several other research firms have also recently issued reports on ALGM. Weiss Ratings reissued a “sell (e+)” rating on shares of Allegro MicroSystems in a research report on Monday, December 29th. TD Cowen upped their price target on Allegro MicroSystems from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Jefferies Financial Group reaffirmed a “buy” rating and set a $45.00 target price on shares of Allegro MicroSystems in a research report on Thursday. Morgan Stanley upgraded Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 price target on the stock in a research note on Friday, February 13th. Finally, Barclays lifted their target price on shares of Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $38.93 on Thursday. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30. Allegro MicroSystems has a twelve month low of $16.38 and a twelve month high of $43.86. The company’s 50-day moving average price is $33.13 and its 200-day moving average price is $30.45. The company has a market cap of $7.21 billion, a PE ratio of -486.63 and a beta of 1.63.

Allegro MicroSystems (NASDAQ:ALGM) last released 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 positive return on equity of 4.35% and a negative net margin of 1.57%.The company had revenue of $229.21 million during the quarter, compared to analyst estimates of $220.78 million. During the same quarter last year, the business posted $0.07 earnings per share. The firm’s revenue was up 28.9% on a year-over-year basis. On average, equities research analysts forecast that Allegro MicroSystems will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors have recently bought and sold shares of the business. Hantz Financial Services Inc. boosted its holdings in shares of Allegro MicroSystems by 86.9% in the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after acquiring an additional 419 shares during the last quarter. Quent Capital LLC purchased a new position in shares of Allegro MicroSystems during the third quarter worth $28,000. Kestra Advisory Services LLC acquired a new position in Allegro MicroSystems during the fourth quarter valued at $34,000. CIBC Private Wealth Group LLC boosted its holdings in Allegro MicroSystems by 14,844.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock valued at $35,000 after purchasing an additional 1,336 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its position in Allegro MicroSystems by 85.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock worth $38,000 after purchasing an additional 669 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.