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

Allegro MicroSystems (NASDAQ:ALGM) had its price target cut by Barclays from $32.00 to $25.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 20.31% from the company’s current price.

A number of other research firms also recently weighed in on ALGM. Needham & Company LLC decreased their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. Finally, UBS Group initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target for the company. 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 a consensus price target of $32.13.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM traded down $0.06 during midday trading on Friday, reaching $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 cap of $4.03 billion, a P/E ratio of 54.79 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. Allegro MicroSystems has a 12-month low of $19.71 and a 12-month high of $33.26. The firm has a fifty day simple moving average of $22.32 and a two-hundred day simple moving average of $25.97.

Allegro MicroSystems (NASDAQ:ALGM) last issued 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. The business had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The business’s revenue was down 40.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.34 earnings per share. On average, equities analysts expect that Allegro MicroSystems will post 0.16 EPS for the current year.

Insider Activity

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the stock in a transaction dated 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 trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors have recently added to or reduced their stakes in the company. Clearbridge Investments LLC lifted its position in shares of Allegro MicroSystems by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after acquiring an additional 235,335 shares during the last quarter. Silvercrest Asset Management Group LLC raised its position in shares of Allegro MicroSystems by 363.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock worth $17,053,000 after purchasing an additional 495,935 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Allegro MicroSystems by 238.9% during the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after purchasing an additional 39,289 shares during the last quarter. Qsemble Capital Management LP acquired a new position in shares of Allegro MicroSystems in the 1st quarter valued at $583,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Allegro MicroSystems by 21.4% in the 1st 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 in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.