Needham & Company LLC Has Lowered Expectations for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its price objective dropped by equities research analysts at Needham & Company LLC from $33.00 to $30.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 42.18% from the company’s current price.

Several other research analysts have also weighed in on the company. 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 on the stock. Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $32.13.

Allegro MicroSystems Trading Up 1.2 %

NASDAQ ALGM opened at $21.10 on Thursday. The stock has a market capitalization of $4.09 billion, a price-to-earnings ratio of 55.53 and a beta of 1.67. The stock’s 50 day moving average price is $22.24 and its two-hundred day moving average price is $25.93. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.98 and a current ratio of 4.65. Allegro MicroSystems has a 52 week low of $19.71 and a 52 week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. The firm had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The business’s quarterly revenue was down 40.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.34 EPS. As a group, analysts anticipate that Allegro MicroSystems will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the transaction, the insider now directly owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

A number of institutional investors have recently modified their holdings of ALGM. Versant Capital Management Inc lifted its position in shares of 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 period. GAMMA Investing LLC lifted its position in shares of Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after acquiring an additional 603 shares during the period. CWM LLC lifted its position in shares of Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after acquiring an additional 921 shares during the period. Van ECK Associates Corp bought a new stake in shares of Allegro MicroSystems during the 3rd quarter valued at $172,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Allegro MicroSystems during the 2nd quarter valued at $211,000. 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.