Barclays Has Lowered Expectations for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its target price cut by equities researchers at Barclays from $32.00 to $25.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 18.48% from the stock’s current price.

Other analysts also recently issued reports about the stock. Needham & Company LLC cut their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research note on Friday, October 18th. Finally, UBS Group started coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $32.13.

Allegro MicroSystems Price Performance

ALGM opened at $21.10 on Friday. The company has a fifty day moving average price of $22.24 and a two-hundred day moving average price of $25.92. The firm has a market capitalization of $4.09 billion, a PE ratio of -150.71 and a beta of 1.69. Allegro MicroSystems has a 52 week low of $19.71 and a 52 week high of $33.26. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.98 and a current ratio of 4.65.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.03 EPS for the quarter, beating 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 business had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. During the same quarter in the prior year, the company posted $0.34 earnings per share. The firm’s revenue was down 40.0% on a year-over-year basis. As a group, analysts anticipate that Allegro MicroSystems will post 0.16 earnings per share for the current year.

Insider Activity at Allegro MicroSystems

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the completion of the transaction, the insider now owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is currently owned by insiders.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc grew its position in Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after purchasing an additional 1,096 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after acquiring an additional 603 shares in the last quarter. CWM LLC grew its holdings in shares of Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after acquiring an additional 921 shares in the last quarter. Van ECK Associates Corp acquired a new stake in shares of Allegro MicroSystems in the third quarter valued at about $172,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Allegro MicroSystems during the second quarter worth about $211,000. 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.