Allegro MicroSystems (NASDAQ:ALGM) Sets New 52-Week Low – Time to Sell?

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ALGM. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research note on Friday. UBS Group assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Buy” and an average target price of $33.38.

Allegro MicroSystems Trading Down 3.6 %

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 market capitalization of $3.87 billion, a PE ratio of 25.51 and a beta of 1.67. The business’s 50-day moving average is $22.79 and its two-hundred day moving average is $26.28.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $166.90 million for the quarter, compared to the consensus estimate of $165.04 million. During the same quarter last year, the business posted $0.34 EPS. The firm’s quarterly revenue was down 40.0% compared to the same quarter last year. On average, analysts anticipate that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total value 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors have recently added to or reduced their stakes in the stock. State of Michigan Retirement System increased its position in Allegro MicroSystems by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock valued at $472,000 after acquiring an additional 400 shares during the period. Retirement Systems of Alabama increased its position in Allegro MicroSystems by 0.4% in the 1st quarter. Retirement Systems of Alabama now owns 130,731 shares of the company’s stock valued at $3,525,000 after acquiring an additional 537 shares during the period. GAMMA Investing LLC boosted its holdings in 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 purchasing an additional 603 shares in the last quarter. CWM LLC boosted its holdings in 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 purchasing an additional 921 shares in the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in Allegro MicroSystems by 1.7% in the 1st quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company’s stock valued at $1,686,000 after purchasing an additional 1,019 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.