Needham & Company LLC Cuts Allegro MicroSystems (NASDAQ:ALGM) Price Target to $25.00

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

Several other analysts also recently commented on ALGM. Barclays reduced their price objective on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Mizuho upped their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, March 24th. UBS Group reduced their price objective on Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Morgan Stanley upped their price objective 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. Finally, Wells Fargo & Company upped their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.44.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded up $1.26 during trading hours on Friday, reaching $22.33. The stock had a trading volume of 3,093,516 shares, compared to its average volume of 2,535,902. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of -63.80 and a beta of 1.57. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $33.26. The firm has a 50-day moving average of $22.60 and a 200-day moving average of $22.73.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. The firm had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The business's revenue was down 19.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 EPS. Equities research analysts predict that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

A number of large investors have recently modified their holdings of ALGM. JPMorgan Chase & Co. grew its holdings in shares of Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after acquiring an additional 1,884,578 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter worth approximately $35,433,000. Paloma Partners Management Co grew its holdings in shares of Allegro MicroSystems by 312.8% in the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock worth $45,989,000 after acquiring an additional 1,594,170 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in shares of Allegro MicroSystems in the 1st quarter worth approximately $32,959,000. Finally, Norges Bank acquired a new stake in shares of Allegro MicroSystems in the 4th quarter worth approximately $26,926,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.