Allegro MicroSystems (NASDAQ:ALGM) Price Target Lowered to $30.00 at Needham & Company LLC

Allegro MicroSystems (NASDAQ:ALGM) had its price objective decreased by Needham & Company LLC from $33.00 to $30.00 in a research report sent to investors on Thursday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

ALGM has been the topic of several other research reports. UBS Group started coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock. Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $33.00.

Allegro MicroSystems Stock Down 1.5 %

ALGM traded down $0.31 on Thursday, reaching $20.53. The company’s stock had a trading volume of 191,477 shares, compared to its average volume of 1,935,175. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of 54.84 and a beta of 1.67. Allegro MicroSystems has a fifty-two week low of $19.71 and a fifty-two week high of $33.26. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average of $22.32 and a two-hundred day moving average of $25.97.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The business had revenue of $166.90 million during the quarter, compared to analysts’ expectations of $165.04 million. During the same quarter in the prior year, the business posted $0.34 EPS. The company’s revenue for the quarter was down 40.0% on a year-over-year basis. As a group, analysts forecast that Allegro MicroSystems will post 0.16 EPS for the current fiscal 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 that occurred on 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 sale, the insider now directly owns 59,732,782 shares of the company’s stock, valued at approximately $1,383,411,231.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is currently owned by insiders.

Institutional Trading of Allegro MicroSystems

Several hedge funds have recently made changes to their positions in the company. Clearbridge Investments LLC lifted its position in Allegro MicroSystems by 6.7% in the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after purchasing an additional 235,335 shares during the period. Silvercrest Asset Management Group LLC lifted its holdings in shares of Allegro MicroSystems by 363.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after buying an additional 495,935 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Allegro MicroSystems by 238.9% in the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after buying an additional 39,289 shares in the last quarter. Qsemble Capital Management LP acquired a new position in Allegro MicroSystems during the first quarter worth $583,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Allegro MicroSystems by 21.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 189,369 shares of the company’s stock worth $5,105,000 after acquiring an additional 33,422 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Company Profile

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.