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

Allegro MicroSystems (NASDAQ:ALGM) had its price objective reduced by equities researchers at Needham & Company LLC from $33.00 to $30.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 43.95% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a report on Friday, October 18th. UBS Group assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price for the company. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $33.00.

Allegro MicroSystems Stock Performance

ALGM traded down $1.38 on Thursday, reaching $20.84. The company had a trading volume of 4,230,199 shares, compared to its average volume of 1,943,439. Allegro MicroSystems has a 1 year low of $19.71 and a 1 year high of $33.26. The stock has a market capitalization of $4.04 billion, a PE ratio of 54.84 and a beta of 1.67. 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 price of $22.39 and a 200-day moving average price of $26.00.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share 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 during the quarter, compared to analysts’ expectations of $165.04 million. During the same period in the previous year, the company earned $0.34 earnings per share. Allegro MicroSystems’s quarterly revenue was down 40.0% compared to the same quarter last year. As a group, research analysts forecast that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

Insider Activity at Allegro MicroSystems

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the transaction, the insider now owns 59,732,782 shares of the company’s stock, valued at approximately $1,383,411,231.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

A number of large investors have recently bought and sold shares of ALGM. State of Michigan Retirement System raised its stake in Allegro MicroSystems by 2.3% during the first quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock worth $472,000 after purchasing an additional 400 shares during the period. Retirement Systems of Alabama raised its stake in Allegro MicroSystems by 0.4% during the first quarter. Retirement Systems of Alabama now owns 130,731 shares of the company’s stock worth $3,525,000 after purchasing an additional 537 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Allegro MicroSystems by 21.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 189,369 shares of the company’s stock worth $5,105,000 after purchasing an additional 33,422 shares during the period. BNP Paribas purchased a new position in Allegro MicroSystems during the first quarter worth approximately $523,000. Finally, Texas Permanent School Fund Corp increased its position in shares of Allegro MicroSystems by 1.7% in the first quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company’s stock worth $1,686,000 after acquiring an additional 1,019 shares in the last quarter. Hedge funds and other 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.