Barclays Cuts Allegro MicroSystems (NASDAQ:ALGM) Price Target to $25.00

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) had its price target reduced by Barclays from $32.00 to $25.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's price objective would indicate a potential upside of 18.48% from the stock's previous close.

Several other brokerages also recently commented on ALGM. UBS Group started coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a "buy" rating and a $33.00 price objective on the stock. Needham & Company LLC dropped their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $32.13.

Allegro MicroSystems Stock Performance

Shares of ALGM traded up $0.26 on Friday, reaching $21.10. The company's stock had a trading volume of 2,476,240 shares, compared to its average volume of 1,945,953. Allegro MicroSystems has a 12-month low of $19.71 and a 12-month high of $33.26. The stock has a market capitalization of $4.09 billion, a P/E ratio of 54.79 and a beta of 1.67. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98. The stock's 50 day simple moving average is $22.32 and its two-hundred day simple moving average is $25.97.

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

Insider Transactions at Allegro MicroSystems

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business's stock in a transaction 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 sale, the insider now owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.50% of the company's stock.

Institutional Investors Weigh In On Allegro MicroSystems

Large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its stake in Allegro MicroSystems by 14.1% during the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after buying an additional 308,943 shares during the period. Amalgamated Bank raised its position in Allegro MicroSystems by 99.1% in the 3rd quarter. Amalgamated Bank now owns 72,399 shares of the company's stock worth $1,687,000 after purchasing an additional 36,042 shares during the period. Van ECK Associates Corp purchased a new position in shares of Allegro MicroSystems during the third quarter valued at approximately $172,000. New York State Teachers Retirement System raised its holdings in shares of Allegro MicroSystems by 97.4% in the third quarter. New York State Teachers Retirement System now owns 22,900 shares of the company's stock worth $534,000 after buying an additional 11,300 shares during the period. Finally, State of Alaska Department of Revenue boosted its holdings in Allegro MicroSystems by 9.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 120,110 shares of the company's stock valued at $2,797,000 after acquiring an additional 10,370 shares during the period. 56.45% of the stock is owned by 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.