Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) fell 5.7% during trading on Monday . The stock traded as low as $20.90 and last traded at $21.03. 394,667 shares changed hands during trading, a decline of 80% from the average session volume of 1,942,071 shares. The stock had previously closed at $22.29.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on ALGM. UBS Group started coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 target price on the stock. Loop Capital began coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price objective on the stock. Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. Needham & Company LLC reduced their price target on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Finally, Morgan Stanley started coverage on Allegro MicroSystems in a report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 price objective for the company. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $30.09.
Check Out Our Latest Stock Report on ALGM
Allegro MicroSystems Stock Performance
The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The firm has a 50 day moving average price of $21.38 and a 200 day moving average price of $23.70. The stock has a market cap of $3.97 billion, a PE ratio of -154.13 and a beta of 1.67.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The business had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. During the same quarter last year, the firm posted $0.36 EPS. The company's revenue for the quarter was down 32.0% on a year-over-year basis.
Insiders Place Their Bets
In related news, SVP Michael Doogue bought 15,000 shares of the business's stock in a transaction on Monday, November 18th. The shares were bought at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the senior vice president now directly owns 246,086 shares of the company's stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by company insiders.
Institutional Trading of Allegro MicroSystems
Several hedge funds and other institutional investors have recently made changes to their positions in ALGM. Raymond James & Associates raised its stake in Allegro MicroSystems by 5.5% in the second quarter. Raymond James & Associates now owns 84,554 shares of the company's stock valued at $2,388,000 after buying an additional 4,380 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Allegro MicroSystems by 18.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company's stock worth $22,735,000 after purchasing an additional 127,094 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Allegro MicroSystems by 62.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,736 shares of the company's stock worth $557,000 after purchasing an additional 7,622 shares in the last quarter. Natixis Advisors LLC increased its stake in Allegro MicroSystems by 46.7% during the 2nd quarter. Natixis Advisors LLC now owns 28,437 shares of the company's stock valued at $803,000 after purchasing an additional 9,059 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in shares of Allegro MicroSystems by 9.7% in the second quarter. TD Asset Management Inc now owns 58,600 shares of the company's stock worth $1,655,000 after buying an additional 5,200 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.
Allegro MicroSystems Company Profile
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Get Free Report)
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.
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