Allegro MicroSystems (NASDAQ:ALGM) Sets New 12-Month Low – What’s Next?

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

Analyst Ratings Changes

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

Allegro MicroSystems Stock Down 3.6 %

The firm has a market cap of $3.87 billion, a price-to-earnings ratio of 25.51 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 firm has a 50 day moving average price of $22.79 and a 200-day moving average price of $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 the consensus estimate of $0.02 by $0.01. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The business had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. During the same quarter in the previous year, the company posted $0.34 EPS. The business’s revenue was down 40.0% on a year-over-year basis. On average, equities analysts forecast that Allegro MicroSystems, Inc. will post 0.16 EPS for the current year.

Insider Activity at Allegro MicroSystems

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business’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 transaction, the insider now owns 59,732,782 shares of the company’s stock, valued at approximately $1,383,411,231.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Allegro MicroSystems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its holdings 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 valued at $33,000 after buying an additional 1,096 shares during the period. GAMMA Investing LLC grew 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 buying an additional 603 shares during the period. CWM LLC grew 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 buying an additional 921 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in Allegro MicroSystems in the 2nd quarter valued at about $211,000. Finally, PNC Financial Services Group Inc. grew its holdings in Allegro MicroSystems by 84.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,530 shares of the company’s stock valued at $228,000 after buying an additional 3,442 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

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.