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

Allegro MicroSystems (NASDAQ:ALGM) had its price objective lowered by Barclays from $32.00 to $25.00 in a report released on Friday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

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

Allegro MicroSystems Stock Performance

ALGM opened at $21.10 on Friday. The business has a 50 day moving average price of $22.24 and a two-hundred day moving average price of $25.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.98. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of -150.70 and a beta of 1.69. Allegro MicroSystems has a 1-year low of $19.71 and a 1-year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.47% and a negative net margin of 2.96%. The company had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. During the same quarter in the previous year, the business earned $0.36 EPS. The company’s quarterly revenue was down 32.0% compared to the same quarter last year. Research analysts predict that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently bought and sold shares of ALGM. Vanguard Group Inc. boosted its holdings in shares of Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after purchasing an additional 999,939 shares during the period. Bamco Inc. NY grew its holdings in shares of Allegro MicroSystems by 477.6% during the 1st quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock valued at $18,031,000 after acquiring an additional 553,016 shares in the last quarter. Silvercrest Asset Management Group LLC grew its holdings in shares of Allegro MicroSystems by 363.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after acquiring an additional 495,935 shares in the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new position in shares of Allegro MicroSystems in the second quarter worth $13,120,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Allegro MicroSystems by 45.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock worth $36,207,000 after acquiring an additional 397,681 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.