Allegro MicroSystems (ALGM) Receives a Buy from Needham

In a report released today, Quinn Bolton from Needham maintained a Buy rating on Allegro MicroSystems (ALGMResearch Report), with a price target of $27.00. The company’s shares closed last Thursday at $24.39.

According to, Bolton is a top 25 analyst with an average return of 44.6% and a 72.3% success rate. Bolton covers the Technology sector, focusing on stocks such as MACOM Technology Solutions Holdings, Credo Technology Group Holding Ltd, and Rockley Photonics Holdings.

Currently, the analyst consensus on Allegro MicroSystems is a Strong Buy with an average price target of $31.00, implying a 30.6% upside from current levels. In a report issued on July 25, Barclays also maintained a Buy rating on the stock with a $26.00 price target.

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Allegro MicroSystems’ market cap is currently $4.56B and has a P/E ratio of 38.37.

Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ALGM in relation to earlier this year.

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Allegro Microsystems Inc is a global designer, developer, fabless manufacturer and marketer of sensor ICs and application-specific analog power ICs enabling the important emerging technologies in the automotive and industrial markets. It is a supplier of power ICs. Its sensor ICs enable customers to precisely measure motion, speed, position and current, while its power ICs include high-temperature and high-voltage capable motor driver, power management and LED driver ICs. Its products are divided into three categories such as SENSE that include Current Sensors, Switches and Latches, Linear and Angular Position, Magnetic Speed Sensors, and Photonics; REGULATE that include Regulators, ClearPower Modules, and LED Drivers; and DRIVE that includes BLDC Drivers, Brush DC and Stepper Drivers.

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