Allegro MicroSystems (NASDAQ:ALGM) Hits New 12-Month Low – Here’s What Happened

Allegro MicroSystems, Inc. (NASDAQ:ALGM) shares reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $19.71 and last traded at $20.13, with a volume of 109609 shares. The stock had previously closed at $20.28.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Barclays dropped their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday. Needham & Company LLC cut 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, October 31st. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Finally, Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $32.13.

Allegro MicroSystems Stock Up 0.4 %

The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average price of $22.16 and a two-hundred day moving average price of $25.87.

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

Insider Activity at Allegro MicroSystems

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of Allegro MicroSystems stock in a transaction dated Wednesday, August 7th. The stock was 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 approximately $1,383,411,231.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc boosted its stake in Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after acquiring an additional 1,096 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of 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 purchasing an additional 603 shares in the last quarter. CWM LLC lifted its position in shares of Allegro MicroSystems by 27.7% during the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after purchasing an additional 921 shares during the last quarter. Van ECK Associates Corp acquired a new position in Allegro MicroSystems in the third quarter worth about $172,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Allegro MicroSystems in the second quarter valued at about $211,000. Institutional investors and hedge funds 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.