Allegro MicroSystems (NASDAQ:ALGM) Hits New 52-Week Low – What’s Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM) shares reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $19.80 and last traded at $19.84, with a volume of 1212470 shares trading hands. The stock had previously closed at $20.71.

Analyst Ratings Changes

Several research firms have issued reports on ALGM. UBS Group began coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research report on Friday, October 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 price target on shares of Allegro MicroSystems in a research report on Friday, August 2nd. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $33.38.

Allegro MicroSystems Stock Up 3.1 %

The stock has a market cap of $4.03 billion, a PE ratio of 26.38 and a beta of 1.67. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.98 and a current ratio of 4.65. The company’s 50-day moving average price is $22.68 and its 200 day moving average price is $26.20.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. The company had revenue of $166.90 million during 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 firm’s quarterly revenue was down 40.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.34 EPS. As a group, analysts forecast that Allegro MicroSystems, Inc. will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total value of $232,001,015.40. Following the completion of the sale, the insider now directly owns 59,732,782 shares of the company’s stock, valued at approximately $1,383,411,231.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGM. Versant Capital Management Inc boosted its stake in Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares during the period. GAMMA Investing LLC boosted its stake in Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares during the period. CWM LLC boosted its stake in Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after purchasing an additional 921 shares during the period. Oppenheimer Asset Management Inc. bought a new position in Allegro MicroSystems in the 2nd quarter worth approximately $211,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Allegro MicroSystems by 84.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,530 shares of the company’s stock valued at $228,000 after acquiring an additional 3,442 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors.

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.