Allegro MicroSystems (NASDAQ:ALGM) Price Target Cut to $25.00 by Analysts at Needham & Company LLC

Allegro MicroSystems (NASDAQ:ALGM - Free Report) had its target price cut by Needham & Company LLC from $30.00 to $25.00 in a report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the company. Barclays dropped their price objective on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Morgan Stanley boosted their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. Mizuho raised their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, March 24th. Finally, UBS Group cut their target price on Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, Allegro MicroSystems presently has a consensus rating of "Moderate Buy" and an average target price of $27.38.

Allegro MicroSystems Stock Up 1.9%

Shares of Allegro MicroSystems stock traded up $0.50 during trading hours on Friday, hitting $26.80. 1,965,180 shares of the company's stock traded hands, compared to its average volume of 2,554,043. The company has a market cap of $4.93 billion, a PE ratio of -76.57 and a beta of 1.57. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. Allegro MicroSystems has a twelve month low of $16.38 and a twelve month high of $33.26. The stock has a 50 day simple moving average of $22.52 and a 200-day simple moving average of $22.77.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $185.35 million. During the same quarter in the prior year, the company posted $0.25 earnings per share. The company's quarterly revenue was down 19.9% compared to the same quarter last year. Equities research analysts anticipate that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors have recently bought and sold shares of ALGM. JPMorgan Chase & Co. grew its position in shares of Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after acquiring an additional 1,884,578 shares during the period. Capital Research Global Investors boosted its stake in Allegro MicroSystems by 6.5% during the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock worth $126,093,000 after buying an additional 353,776 shares during the period. Invesco Ltd. grew its position in Allegro MicroSystems by 131.5% in the 1st quarter. Invesco Ltd. now owns 4,835,641 shares of the company's stock valued at $121,520,000 after acquiring an additional 2,746,880 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock valued at $87,302,000 after purchasing an additional 934,048 shares during the period. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of Allegro MicroSystems by 50.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock worth $59,756,000 after purchasing an additional 911,993 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.