Allegro MicroSystems (NASDAQ:ALGM) PT Lowered to $31.00

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) had its price target reduced by Barclays from $35.00 to $31.00 in a report released on Monday, The Fly reports. Barclays‘s price target indicates a potential upside of 28.79% from the stock’s previous close.

A number of other brokerages have also issued reports on ALGM. Mizuho decreased their target price on shares of Allegro MicroSystems from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Wednesday, April 20th. Zacks Investment Research downgraded shares of Allegro MicroSystems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 5th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $37.33.

Shares of ALGM stock opened at $24.07 on Monday. Allegro MicroSystems has a one year low of $22.05 and a one year high of $38.28. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.87 and a current ratio of 4.65. The company has a 50 day moving average price of $26.98 and a 200 day moving average price of $29.99. The firm has a market capitalization of $4.57 billion, a price-to-earnings ratio of 45.42 and a beta of 1.61.

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last posted its quarterly earnings results on Tuesday, February 1st. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. The firm had revenue of $186.60 million for the quarter, compared to analysts’ expectations of $182.75 million. Allegro MicroSystems had a net margin of 15.24% and a return on equity of 18.83%. The firm’s quarterly revenue was up 13.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.16) earnings per share. As a group, equities analysts forecast that Allegro MicroSystems will post 0.69 EPS for the current fiscal year.

In other Allegro MicroSystems news, SVP Michael Doogue sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, March 18th. The shares were sold at an average price of $29.04, for a total value of $217,800.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 26.90% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of Allegro MicroSystems during the fourth quarter valued at about $164,504,000. TimesSquare Capital Management LLC raised its position in shares of Allegro MicroSystems by 55.8% in the fourth quarter. TimesSquare Capital Management LLC now owns 2,006,527 shares of the company’s stock valued at $72,596,000 after purchasing an additional 718,517 shares during the period. State Street Corp increased its holdings in Allegro MicroSystems by 36.5% during the 4th quarter. State Street Corp now owns 2,379,827 shares of the company’s stock worth $86,102,000 after acquiring an additional 636,901 shares during the period. Invesco Ltd. increased its holdings in Allegro MicroSystems by 19.4% during the 3rd quarter. Invesco Ltd. now owns 3,802,165 shares of the company’s stock worth $121,518,000 after acquiring an additional 618,266 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Allegro MicroSystems by 71.2% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,255,354 shares of the company’s stock worth $45,419,000 after acquiring an additional 521,881 shares during the period. 47.69% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Company Profile (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; and power ICs comprising motor driver ICs, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.

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