Allegro MicroSystems (NASDAQ:ALGM) Price Target Lowered to $30.00 at Needham & Company LLC

Allegro MicroSystems (NASDAQ:ALGM) had its price objective lowered by equities researchers at Needham & Company LLC from $33.00 to $30.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 43.95% from the company’s current price.

A number of other research firms have also weighed in on ALGM. UBS Group assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a report on Friday, October 18th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Buy” and a consensus price target of $33.00.

Allegro MicroSystems Trading Down 6.2 %

Shares of Allegro MicroSystems stock traded down $1.38 during trading hours on Thursday, hitting $20.84. The company’s stock had a trading volume of 4,230,199 shares, compared to its average volume of 1,943,439. The business has a fifty day moving average of $22.39 and a 200 day moving average of $26.00. The company has a market capitalization of $4.04 billion, a PE ratio of 54.84 and a beta of 1.67. Allegro MicroSystems has a 1-year low of $19.71 and a 1-year high of $33.26. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The business 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 business’s revenue was down 40.0% on a year-over-year basis. During the same period last year, the business earned $0.34 EPS. As a group, equities analysts forecast that Allegro MicroSystems will post 0.16 EPS for the current year.

Insiders Place Their Bets

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the firm’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 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 at the SEC website. 0.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. State of Michigan Retirement System boosted its holdings in shares of Allegro MicroSystems by 2.3% during the first quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock worth $472,000 after purchasing an additional 400 shares during the period. Retirement Systems of Alabama increased its position in Allegro MicroSystems by 0.4% during the first quarter. Retirement Systems of Alabama now owns 130,731 shares of the company’s stock worth $3,525,000 after acquiring an additional 537 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Allegro MicroSystems by 21.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 189,369 shares of the company’s stock worth $5,105,000 after acquiring an additional 33,422 shares during the period. BNP Paribas bought a new position in Allegro MicroSystems during the first quarter worth $523,000. Finally, Texas Permanent School Fund Corp increased its position in Allegro MicroSystems by 1.7% during the first quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company’s stock worth $1,686,000 after acquiring an additional 1,019 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

About Allegro MicroSystems

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.