Needham & Company LLC Reaffirms "Buy" Rating for Allegro MicroSystems (NASDAQ:ALGM)

Needham & Company LLC reiterated their buy rating on shares of Allegro MicroSystems (NASDAQ:ALGM - Free Report) in a report published on Friday,Benzinga reports. They currently have a $30.00 price objective on the stock.

Other equities research analysts also recently issued research reports about the stock. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a "buy" rating and a $30.00 price target for the company. Barclays increased their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Morgan Stanley started coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 target price for the company. Finally, Wells Fargo & Company increased their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, January 13th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Allegro MicroSystems presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.70.

Allegro MicroSystems Trading Up 4.3 %

NASDAQ ALGM traded up $0.99 on Friday, hitting $23.95. 1,441,784 shares of the stock were exchanged, compared to its average volume of 2,518,519. The company's 50-day moving average price is $22.68 and its two-hundred day moving average price is $22.58. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems has a 52-week low of $18.59 and a 52-week high of $33.26. The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of -68.42 and a beta of 1.66.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction dated Monday, November 18th. The shares were acquired at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.50% of the company's stock.

Institutional Trading of Allegro MicroSystems

A number of hedge funds have recently bought and sold shares of the stock. Handelsbanken Fonder AB grew its position in Allegro MicroSystems by 96.8% during the fourth quarter. Handelsbanken Fonder AB now owns 36,400 shares of the company's stock worth $796,000 after buying an additional 17,900 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $47,000. New Mexico Educational Retirement Board grew its holdings in shares of Allegro MicroSystems by 139.7% during the 4th quarter. New Mexico Educational Retirement Board now owns 31,881 shares of the company's stock worth $697,000 after purchasing an additional 18,581 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Allegro MicroSystems by 202.3% during the fourth quarter. Van ECK Associates Corp now owns 22,298 shares of the company's stock valued at $487,000 after purchasing an additional 14,922 shares during the period. Finally, Lightrock Netherlands B.V. bought a new position in Allegro MicroSystems in the fourth quarter worth $4,469,000. 56.45% of the stock is owned by institutional investors.

About Allegro MicroSystems

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.