Allegro MicroSystems (NASDAQ:ALGM) Price Target Increased to $50.00 by Analysts at Needham & Company LLC

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) had its price target hoisted by Needham & Company LLC from $42.00 to $50.00 in a research note issued to investors on Wednesday, The Fly reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also recently weighed in on ALGM. Cowen boosted their price target on Allegro MicroSystems from $38.00 to $44.00 and gave the stock an outperform rating in a report on Wednesday, February 1st. Wells Fargo & Company lifted their price objective on Allegro MicroSystems from $43.00 to $52.00 in a research note on Thursday, March 9th. Cowen lifted their price objective on Allegro MicroSystems to $44.00 in a research note on Thursday, February 2nd. Barclays lifted their price objective on Allegro MicroSystems from $44.00 to $50.00 and gave the stock an overweight rating in a research note on Tuesday, March 14th. Finally, Mizuho lifted their price objective on Allegro MicroSystems from $42.00 to $48.00 in a research note on Wednesday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $48.00.

Allegro MicroSystems Stock Performance

ALGM opened at $45.10 on Wednesday. The firm has a market cap of $8.64 billion, a P/E ratio of 58.57 and a beta of 1.71. Allegro MicroSystems has a 52-week low of $19.20 and a 52-week high of $47.67. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.65 and a current ratio of 4.52. The business’s fifty day moving average is $40.34 and its 200-day moving average is $31.21.

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last released its quarterly earnings data on Tuesday, January 31st. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.03. The business had revenue of $248.79 million for the quarter, compared to analyst estimates of $245.20 million. Allegro MicroSystems had a return on equity of 19.55% and a net margin of 16.69%. Sell-side analysts expect that Allegro MicroSystems will post 1 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Skna L.P. Oep sold 4,980,000 shares of the company’s stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $37.76, for a total transaction of $188,044,800.00. Following the completion of the sale, the insider now owns 17,649,247 shares in the company, valued at $666,435,566.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Allegro MicroSystems news, SVP Joanne Valente sold 1,123 shares of the company’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $30.07, for a total value of $33,768.61. Following the completion of the transaction, the senior vice president now owns 97,153 shares in the company, valued at approximately $2,921,390.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Skna L.P. Oep sold 4,980,000 shares of the company’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $37.76, for a total value of $188,044,800.00. Following the completion of the transaction, the insider now owns 17,649,247 shares of the company’s stock, valued at approximately $666,435,566.72. The disclosure for this sale can be found here. Insiders sold a total of 5,068,500 shares of company stock worth $191,316,709 over the last quarter. 13.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at $32,000. PNC Financial Services Group Inc. lifted its holdings in Allegro MicroSystems by 201.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after purchasing an additional 774 shares in the last quarter. Signaturefd LLC lifted its holdings in Allegro MicroSystems by 134.1% during the 3rd quarter. Signaturefd LLC now owns 1,365 shares of the company’s stock worth $30,000 after purchasing an additional 782 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in Allegro MicroSystems by 172.6% during the 4th quarter. Quadrant Capital Group LLC now owns 1,524 shares of the company’s stock worth $46,000 after purchasing an additional 965 shares in the last quarter. Finally, CWM LLC lifted its holdings in Allegro MicroSystems by 21.8% during the 4th quarter. CWM LLC now owns 1,863 shares of the company’s stock worth $56,000 after purchasing an additional 333 shares in the last quarter. Hedge funds and other institutional investors own 46.89% of the company’s stock.

About Allegro MicroSystems

(Get Rating)

Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.