Needham Investment Management LLC Buys 17,500 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Needham Investment Management LLC lifted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 24.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 90,000 shares of the company’s stock after acquiring an additional 17,500 shares during the period. Needham Investment Management LLC’s holdings in Allegro MicroSystems were worth $1,967,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ALGM. Millennium Management LLC boosted its stake in Allegro MicroSystems by 96.9% during the 4th quarter. Millennium Management LLC now owns 1,324,953 shares of the company’s stock valued at $28,963,000 after purchasing an additional 651,883 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Allegro MicroSystems by 22.2% during the fourth quarter. Lazard Asset Management LLC now owns 404,702 shares of the company’s stock valued at $8,846,000 after purchasing an additional 73,439 shares in the last quarter. LMR Partners LLP purchased a new stake in shares of Allegro MicroSystems during the fourth quarter valued at $3,279,000. Janus Henderson Group PLC increased its holdings in Allegro MicroSystems by 11.9% in the 4th quarter. Janus Henderson Group PLC now owns 57,329 shares of the company’s stock worth $1,255,000 after buying an additional 6,100 shares in the last quarter. Finally, Kettle Hill Capital Management LLC bought a new stake in Allegro MicroSystems in the 4th quarter worth about $17,991,000. Institutional investors own 56.45% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on ALGM shares. Wells Fargo & Company upped their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. UBS Group increased their price objective on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday. Needham & Company LLC dropped their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Friday. Morgan Stanley increased their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Finally, Barclays lifted their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $28.44.

Allegro MicroSystems Trading Up 11.2%

Shares of Allegro MicroSystems stock opened at $24.83 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The stock has a market capitalization of $4.57 billion, a PE ratio of -70.94 and a beta of 1.57. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26. The company’s fifty day simple moving average is $22.56 and its 200-day simple moving average is $22.75.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. Allegro MicroSystems’s revenue for the quarter was down 19.9% on a year-over-year basis. As a group, equities analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

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.