Allegro MicroSystems (NASDAQ:ALGM) Given Buy Rating at Needham & Company LLC

Allegro MicroSystems (NASDAQ:ALGM)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report released on Friday, Benzinga reports. They currently have a $33.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 36.53% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Evercore ISI started coverage on Allegro MicroSystems in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price target for the company. Mizuho dropped their target price on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a report on Friday, May 10th. Barclays reduced their target price on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Jefferies Financial Group assumed coverage on shares of Allegro MicroSystems in a research note on Monday, May 13th. They set a “buy” rating and a $37.00 price target on the stock. Finally, TD Cowen lifted their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.63.

Allegro MicroSystems Stock Up 0.5 %

ALGM stock opened at $24.17 on Friday. The company has a current ratio of 4.85, a quick ratio of 3.48 and a debt-to-equity ratio of 0.22. The company’s 50-day moving average price is $28.83 and its 200 day moving average price is $28.75. Allegro MicroSystems has a 52 week low of $22.31 and a 52 week high of $45.00. The company has a market cap of $5.29 billion, a P/E ratio of 30.99 and a beta of 1.68.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. The business had revenue of $240.58 million for the quarter, compared to analyst estimates of $235.00 million. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. On average, research analysts expect that Allegro MicroSystems will post 0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $23.16, for a total transaction of $665,850,000.00. Following the transaction, the insider now owns 69,750,097 shares in the company, valued at $1,615,412,246.52. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Richard R. Lury sold 8,500 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $30.00, for a total transaction of $255,000.00. Following the completion of the sale, the director now directly owns 23,001 shares of the company’s stock, valued at approximately $690,030. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $23.16, for a total transaction of $665,850,000.00. Following the completion of the transaction, the insider now owns 69,750,097 shares in the company, valued at approximately $1,615,412,246.52. The disclosure for this sale can be found here. 0.50% of the stock is owned by insiders.

Institutional Trading of Allegro MicroSystems

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Allegro MicroSystems by 13.5% in the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after buying an additional 999,939 shares during the last quarter. 1832 Asset Management L.P. bought a new stake in shares of Allegro MicroSystems in the 4th quarter worth about $28,756,000. Bamco Inc. NY raised its stake in shares of Allegro MicroSystems by 477.6% in the 1st quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock valued at $18,031,000 after purchasing an additional 553,016 shares in the last quarter. Norges Bank acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at about $15,791,000. Finally, GW&K Investment Management LLC lifted its position in shares of Allegro MicroSystems by 90.9% during the fourth quarter. GW&K Investment Management LLC now owns 1,050,208 shares of the company’s stock worth $31,790,000 after purchasing an additional 499,936 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.