Needham & Company LLC reaffirmed their buy rating on shares of Allegro MicroSystems (NASDAQ:ALGM – Free Report) in a research note released on Wednesday, Benzinga reports. Needham & Company LLC currently has a $50.00 price objective on the stock.
A number of other brokerages also recently issued reports on ALGM. TheStreet downgraded Allegro MicroSystems from a b- rating to a c+ rating in a report on Thursday, May 18th. Mizuho boosted their price objective on Allegro MicroSystems from $50.00 to $56.00 in a report on Thursday, July 20th. Wolfe Research assumed coverage on Allegro MicroSystems in a research note on Wednesday, July 19th. They set a market perform rating for the company. Wells Fargo & Company boosted their target price on Allegro MicroSystems from $52.00 to $60.00 in a report on Wednesday, July 26th. Finally, Barclays boosted their target price on Allegro MicroSystems from $50.00 to $60.00 in a report on Thursday, July 20th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $52.33.
View Our Latest Stock Report on ALGM
Allegro MicroSystems Price Performance
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last posted its earnings results on Wednesday, May 10th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $240.53 million during the quarter, compared to analyst estimates of $265.00 million. Allegro MicroSystems had a return on equity of 22.37% and a net margin of 19.83%. On average, equities research analysts anticipate that Allegro MicroSystems will post 1.22 earnings per share for the current year.
Institutional Trading of Allegro MicroSystems
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its stake in Allegro MicroSystems by 43.3% in the 1st quarter. FMR LLC now owns 8,058,071 shares of the company’s stock valued at $386,707,000 after buying an additional 2,436,308 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Allegro MicroSystems by 4.1% in the third quarter. Vanguard Group Inc. now owns 6,633,415 shares of the company’s stock worth $144,940,000 after acquiring an additional 263,189 shares during the last quarter. Invesco Ltd. raised its stake in shares of Allegro MicroSystems by 4.3% in the first quarter. Invesco Ltd. now owns 4,152,293 shares of the company’s stock worth $117,924,000 after acquiring an additional 170,171 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of Allegro MicroSystems by 18.6% during the first quarter. Clearbridge Investments LLC now owns 4,029,946 shares of the company’s stock worth $114,450,000 after buying an additional 632,036 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Allegro MicroSystems by 3.1% during the first quarter. JPMorgan Chase & Co. now owns 3,134,307 shares of the company’s stock worth $150,415,000 after buying an additional 93,540 shares during the last quarter. 50.41% of the stock is owned by institutional investors and hedge funds.
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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.
Read More
- Five stocks we like better than Allegro MicroSystems
- Stock Trading Terms – Stock Terms Every Investor Needs to Know
- 5 Best Office REITs to Buy Now
- How Can Investors Use the Dogs of the Dow Strategy?
- Camping World Slashes its Dividend but Should You Cut the Stock?
- Space Investment: How to Invest in Space Exploration
- SoFi Downgraded: Here’s How To Still Make Money
Receive News & Ratings for Allegro MicroSystems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegro MicroSystems and related companies with MarketBeat.com's FREE daily email newsletter.
