Needham & Company LLC Cuts Allegro MicroSystems (NASDAQ:ALGM) Price Target to $30.00

Allegro MicroSystems (NASDAQ:ALGM) had its price target lowered by Needham & Company LLC from $33.00 to $30.00 in a research report sent to investors on Thursday, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. UBS Group assumed coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Allegro MicroSystems presently has an average rating of “Buy” and a consensus target price of $33.00.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM traded down $0.31 during trading on Thursday, hitting $20.53. 191,477 shares of the stock were exchanged, compared to its average volume of 1,935,175. The company has a market cap of $3.98 billion, a PE ratio of 54.84 and a beta of 1.67. The company has a current ratio of 4.65, a quick ratio of 2.98 and a debt-to-equity ratio of 0.18. The company has a fifty day moving average price of $22.32 and a two-hundred day moving average price of $25.97. Allegro MicroSystems has a 12-month low of $19.71 and a 12-month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The company had revenue of $166.90 million for the quarter, compared to the consensus estimate of $165.04 million. During the same period in the previous year, the business earned $0.34 earnings per share. Allegro MicroSystems’s quarterly revenue was down 40.0% compared to the same quarter last year. On average, analysts forecast that Allegro MicroSystems will post 0.16 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the transaction, the insider now directly owns 59,732,782 shares in the company, valued at $1,383,411,231.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.50% of the stock is owned by corporate insiders.

Institutional Trading of Allegro MicroSystems

A number of institutional investors and hedge funds have recently made changes to their positions in ALGM. Principal Financial Group Inc. grew its position in Allegro MicroSystems by 14.1% during the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after acquiring an additional 308,943 shares during the period. Amalgamated Bank lifted its stake in shares of Allegro MicroSystems by 99.1% in the 3rd quarter. Amalgamated Bank now owns 72,399 shares of the company’s stock valued at $1,687,000 after purchasing an additional 36,042 shares in the last quarter. Van ECK Associates Corp purchased a new stake in shares of Allegro MicroSystems during the 3rd quarter worth about $172,000. New York State Teachers Retirement System grew its holdings in shares of Allegro MicroSystems by 97.4% during the 3rd quarter. New York State Teachers Retirement System now owns 22,900 shares of the company’s stock worth $534,000 after purchasing an additional 11,300 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in Allegro MicroSystems by 9.4% in the third quarter. State of Alaska Department of Revenue now owns 120,110 shares of the company’s stock valued at $2,797,000 after buying an additional 10,370 shares during the period. 56.45% of the stock is currently 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.