Allegro MicroSystems (NASDAQ:ALGM) Hits New 52-Week Low – What’s Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM) hit a new 52-week low during trading on Monday . The stock traded as low as $19.80 and last traded at $19.84, with a volume of 1212470 shares. The stock had previously closed at $20.71.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. UBS Group assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 target price on shares of Allegro MicroSystems in a research note on Friday, August 2nd. Finally, Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research note on Friday, October 18th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $33.38.

Allegro MicroSystems Trading Up 3.1 %

The stock has a market cap of $4.03 billion, a P/E ratio of 26.38 and a beta of 1.67. The company has a current ratio of 4.65, a quick ratio of 2.98 and a debt-to-equity ratio of 0.18. The stock’s fifty day moving average price is $22.68 and its 200 day moving average price is $26.20.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results 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 net margin of 7.91% and a return on equity of 13.88%. The firm had revenue of $166.90 million for the quarter, compared to analysts’ expectations of $165.04 million. During the same quarter in the previous year, the business posted $0.34 EPS. The company’s quarterly revenue was down 40.0% on a year-over-year basis. Equities research analysts expect that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $23.16, for a total value of $665,850,000.00. Following the transaction, the insider now owns 69,750,097 shares in the company, valued at $1,615,412,246.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds have recently bought and sold shares of ALGM. Versant Capital Management Inc boosted its stake in Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares in the last quarter. GAMMA Investing LLC lifted its stake in Allegro MicroSystems by 52.2% during 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 during the period. CWM LLC lifted its stake in Allegro MicroSystems by 27.7% during 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 during the period. Oppenheimer Asset Management Inc. bought a new position in Allegro MicroSystems during the 2nd quarter valued at about $211,000. Finally, PNC Financial Services Group Inc. lifted its stake in Allegro MicroSystems by 84.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,530 shares of the company’s stock valued at $228,000 after acquiring an additional 3,442 shares during the period. Institutional investors 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.