Allegro MicroSystems (NASDAQ:ALGM) Reaches New 1-Year Low at $23.33

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price hit a new 52-week low during trading on Tuesday . The company traded as low as $23.33 and last traded at $23.36, with a volume of 115527 shares. The stock had previously closed at $23.75.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ALGM. Barclays cut their price target on shares of Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Needham & Company LLC cut their price target on shares of Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Jefferies Financial Group initiated coverage on shares of Allegro MicroSystems in a report on Monday, May 13th. They set a “buy” rating and a $37.00 price target on the stock. Evercore ISI initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 target price on the stock. Finally, TD Cowen boosted their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, June 13th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.63.

Allegro MicroSystems Trading Down 5.1 %

The company has a quick ratio of 3.48, a current ratio of 4.85 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $4.37 billion, a P/E ratio of 29.21 and a beta of 1.68. The firm’s 50 day simple moving average is $29.20 and its two-hundred day simple moving average is $28.84.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The firm had revenue of $240.58 million during the quarter, compared to analysts’ expectations of $235.00 million. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. As a group, analysts forecast that Allegro MicroSystems, Inc. will post 0.23 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Richard R. Lury sold 8,500 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $30.00, for a total value of $255,000.00. Following the sale, the director now owns 23,001 shares in the company, valued at approximately $690,030. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Several institutional investors and hedge funds have recently made changes to their positions in ALGM. Pacer Advisors Inc. lifted its position in shares of Allegro MicroSystems by 57.7% during the 4th quarter. Pacer Advisors Inc. now owns 14,693 shares of the company’s stock worth $445,000 after buying an additional 5,376 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new position in Allegro MicroSystems in the 4th quarter valued at $908,000. Meeder Asset Management Inc. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $253,000. Louisiana State Employees Retirement System bought a new stake in shares of Allegro MicroSystems during the 4th quarter worth $605,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Allegro MicroSystems by 4.9% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 37,812 shares of the company’s stock worth $1,145,000 after buying an additional 1,783 shares during the last quarter. Hedge funds and other institutional investors 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.