Barclays Lowers Allegro MicroSystems (NASDAQ:ALGM) Price Target to $25.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price decreased by Barclays from $32.00 to $25.00 in a report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 20.31% from the stock’s current price.

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

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM traded down $0.06 during trading on Friday, hitting $20.78. The stock had a trading volume of 307,802 shares, compared to its average volume of 1,935,724. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 54.79 and a beta of 1.67. The stock has a 50-day simple moving average of $22.32 and a two-hundred day simple moving average of $25.97. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. Allegro MicroSystems has a 12-month low of $19.71 and a 12-month high of $33.26.

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 the consensus estimate of $0.02 by $0.01. The company had revenue of $166.90 million during the quarter, compared to analysts’ expectations of $165.04 million. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. Allegro MicroSystems’s quarterly revenue was down 40.0% on a year-over-year basis. During the same period last year, the business earned $0.34 earnings per share. On average, equities research analysts expect that Allegro MicroSystems will post 0.16 earnings per share for the current fiscal year.

Insider Transactions 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 sale, the insider now directly owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Several institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc increased its position in Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after buying an additional 1,096 shares during the period. GAMMA Investing LLC grew its position in shares of Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after acquiring an additional 603 shares during the last quarter. CWM LLC increased 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 during the period. Van ECK Associates Corp purchased a new stake in Allegro MicroSystems in the 3rd quarter valued at $172,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Allegro MicroSystems during the 2nd quarter worth $211,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.