Barclays Has Lowered Expectations for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its price objective trimmed by Barclays from $32.00 to $25.00 in a research note published on Friday, Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts have also issued reports about the company. Needham & Company LLC reduced their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th. Finally, UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $32.13.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $20.28 on Friday. The stock has a market cap of $3.93 billion, a P/E ratio of -144.85 and a beta of 1.69. Allegro MicroSystems has a 1 year low of $19.71 and a 1 year high of $33.26. The stock’s 50-day moving average price is $22.16 and its two-hundred day moving average price is $25.87. The company has a current ratio of 4.22, a quick ratio of 2.98 and a debt-to-equity ratio of 0.42.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. The firm had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.47%. The business’s quarterly revenue was down 32.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. On average, equities analysts predict that Allegro MicroSystems will post 0.16 earnings per share for the current year.

Insider Activity at Allegro MicroSystems

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the firm’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 completion of the transaction, the insider now directly owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Allegro MicroSystems

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 999,939 shares in the last quarter. Clearbridge Investments LLC increased 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 worth $100,595,000 after purchasing an additional 235,335 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Allegro MicroSystems by 14.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after buying an additional 308,943 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Allegro MicroSystems by 15.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock valued at $60,673,000 after buying an additional 285,747 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in 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 buying an additional 397,681 shares during 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.