Allegro MicroSystems (NASDAQ:ALGM – Free Report) had its price target reduced by UBS Group from $50.00 to $48.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.
A number of other equities analysts also recently weighed in on the stock. Mizuho cut their price target on shares of Allegro MicroSystems from $58.00 to $46.00 and set an “outperform” rating on the stock in a report on Friday. Wall Street Zen raised shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Morgan Stanley boosted their target price on shares of Allegro MicroSystems from $51.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Wells Fargo & Company reduced their target price on shares of Allegro MicroSystems from $45.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday. Finally, TD Cowen decreased their price target on shares of Allegro MicroSystems from $48.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.75.
Read Our Latest Stock Analysis on ALGM
Allegro MicroSystems Stock Performance
NASDAQ ALGM opened at $30.53 on Friday. The firm has a market capitalization of $5.69 billion, a P/E ratio of 203.55, a PEG ratio of 0.90 and a beta of 2.05. The business has a fifty day simple moving average of $35.09 and a 200 day simple moving average of $40.66. Allegro MicroSystems has a 12 month low of $22.41 and a 12 month high of $71.77. The company has a current ratio of 4.13, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28.
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $276.88 million for the quarter, compared to analysts’ expectations of $270.86 million. Allegro MicroSystems had a return on equity of 10.34% and a net margin of 3.07%. The business’s revenue was up 29.2% on a year-over-year basis. During the same period last year, the business earned $0.13 EPS. On average, analysts predict that Allegro MicroSystems will post 0.65 EPS for the current fiscal year.
Insider Activity at Allegro MicroSystems
In other news, SVP Erin Hagen sold 2,285 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $44.39, for a total transaction of $101,431.15. Following the completion of the transaction, the senior vice president owned 31,052 shares in the company, valued at approximately $1,378,398.28. This represents a 6.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Allegro MicroSystems
Several large investors have recently added to or reduced their stakes in the company. State of Wyoming bought a new stake in shares of Allegro MicroSystems during the 2nd quarter valued at $2,247,000. Legal & General Group Plc purchased a new position in Allegro MicroSystems during the 2nd quarter valued at about $11,469,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Allegro MicroSystems during the 2nd quarter valued at about $1,634,000. E. Ohman J or Asset Management AB purchased a new position in Allegro MicroSystems during the 3rd quarter valued at about $2,648,000. Finally, Wellington Management Group LLP increased its position in shares of Allegro MicroSystems by 21.1% during the second quarter. Wellington Management Group LLP now owns 814,937 shares of the company’s stock valued at $56,736,000 after buying an additional 141,841 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.
About Allegro MicroSystems
Allegro MicroSystems, Inc is a semiconductor company that develops and manufactures magnetic sensing and power-management solutions. Its products are designed to help monitor motion, position, speed, current and temperature, as well as control power in electronic systems.
The company’s portfolio includes Hall-effect and other magnetic sensors, current sensors, motor drivers, regulators, LED drivers and related integrated circuits. These products are used in automotive applications such as advanced driver-assistance systems, vehicle electrification, powertrain systems, comfort features and safety systems, as well as in industrial and consumer equipment.
Founded in 1990 and headquartered in Manchester, New Hampshire, Allegro serves customers globally through its international operations and distribution network.
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