Allegro MicroSystems (NASDAQ:ALGM) Stock Price Target Lowered at UBS Group

Allegro MicroSystems (NASDAQ:ALGM) had its price objective reduced by UBS Group from $50.00 to $48.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also issued reports on ALGM. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $57.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday. Wells Fargo & Company decreased their price target on Allegro MicroSystems from $45.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday. Wall Street Zen raised shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Barclays reduced their price target on shares of Allegro MicroSystems from $48.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Friday. Finally, Weiss Ratings cut Allegro MicroSystems from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus target price of $48.75.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $30.53 on Friday. The firm’s fifty day moving average is $35.09 and its two-hundred day moving average is $40.66. Allegro MicroSystems has a one year low of $22.41 and a one year high of $71.77. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.79 and a current ratio of 4.13. The firm has a market cap of $5.69 billion, a PE ratio of 203.55, a P/E/G ratio of 0.90 and a beta of 2.05.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, October 29th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The firm had revenue of $276.88 million during the quarter, compared to the consensus estimate of $270.86 million. Allegro MicroSystems had a return on equity of 10.34% and a net margin of 3.07%. Allegro MicroSystems’s quarterly revenue was up 29.2% on a year-over-year basis. During the same period last year, the business posted $0.13 EPS. Analysts expect that Allegro MicroSystems will post 0.65 earnings per share for the current year.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Erin Hagen sold 2,285 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $44.39, for a total transaction of $101,431.15. Following the completion of the sale, the senior vice president directly owned 31,052 shares in the company, valued at $1,378,398.28. This represents a 6.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALGM. Transamerica Financial Advisors LLC bought a new position in shares of Allegro MicroSystems in the second quarter worth about $27,000. Rakuten Securities Inc. purchased a new position in Allegro MicroSystems during the second quarter valued at approximately $31,000. Parallel Advisors LLC lifted its holdings in shares of Allegro MicroSystems by 42.8% during the 1st quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock valued at $32,000 after purchasing an additional 302 shares during the last quarter. Continuum Advisory LLC purchased a new position in Allegro MicroSystems in the 2nd quarter worth $35,000. Finally, Signaturefd LLC lifted its holdings in Allegro MicroSystems by 51.3% in the third quarter. Signaturefd LLC now owns 1,070 shares of the company’s stock valued at $39,000 after acquiring an additional 363 shares during the period. 56.45% of the stock is currently owned by institutional investors.

About Allegro MicroSystems

Allegro MicroSystems, Inc is a semiconductor company that develops and manufactures magnetic sensing and power-management solutions. Its products are designed to help monitor motion, position, speed, current and temperature, as well as control power in electronic systems.

The company’s portfolio includes Hall-effect and other magnetic sensors, current sensors, motor drivers, regulators, LED drivers and related integrated circuits. These products are used in automotive applications such as advanced driver-assistance systems, vehicle electrification, powertrain systems, comfort features and safety systems, as well as in industrial and consumer equipment.

Founded in 1990 and headquartered in Manchester, New Hampshire, Allegro serves customers globally through its international operations and distribution network.