Allegro MicroSystems (NASDAQ:ALGM) Stock Price Target Cut by UBS Group

Allegro MicroSystems (NASDAQ:ALGM) had its price objective decreased by equities research analysts at UBS Group from $50.00 to $48.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group‘s target price points to a potential upside of 57.22% from the stock’s previous close.

ALGM has been the topic of a number of other research reports. Weiss Ratings cut shares of Allegro MicroSystems from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. Royal Bank Of Canada started coverage on Allegro MicroSystems in a report on Friday, October 2nd. They set an “outperform” rating and a $50.00 target price for the company. Needham & Company LLC dropped their price target on Allegro MicroSystems from $57.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday. TD Cowen cut their price target on Allegro MicroSystems from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, October 19th. Finally, Wall Street Zen raised Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $48.75.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $30.53 on Friday. The company has a current ratio of 4.13, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of 203.55, a price-to-earnings-growth ratio of 0.90 and a beta of 2.05. Allegro MicroSystems has a twelve month low of $22.41 and a twelve month high of $71.77. The business has a 50 day simple moving average of $35.09 and a 200-day simple moving average of $40.66.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. Allegro MicroSystems had a return on equity of 10.34% and a net margin of 3.07%. The firm had revenue of $276.88 million for the quarter, compared to analysts’ expectations of $270.86 million. During the same period last year, the business posted $0.13 earnings per share. The firm’s revenue for the quarter was up 29.2% on a year-over-year basis. As a group, equities research analysts expect that Allegro MicroSystems will post 0.65 earnings per share for the current year.

Insider Transactions at Allegro MicroSystems

In related news, SVP Erin Hagen sold 2,285 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $44.39, for a total value of $101,431.15. Following the sale, the senior vice president directly owned 31,052 shares in the company, valued at $1,378,398.28. This trade represents a 6.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Transamerica Financial Advisors LLC acquired a new position in shares of Allegro MicroSystems during the second quarter valued at $27,000. Rakuten Securities Inc. acquired a new stake in Allegro MicroSystems in the second quarter worth about $31,000. Parallel Advisors LLC lifted its holdings in Allegro MicroSystems by 42.8% in the first quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after purchasing an additional 302 shares during the period. Continuum Advisory LLC acquired a new stake in Allegro MicroSystems in the second quarter worth about $35,000. Finally, Signaturefd LLC lifted its holdings in Allegro MicroSystems by 51.3% in the third quarter. Signaturefd LLC now owns 1,070 shares of the company’s stock worth $39,000 after purchasing an additional 363 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc is a semiconductor company that develops and manufactures magnetic sensing and power-management solutions. Its products are designed to help monitor motion, position, speed, current and temperature, as well as control power in electronic systems.

The company’s portfolio includes Hall-effect and other magnetic sensors, current sensors, motor drivers, regulators, LED drivers and related integrated circuits. These products are used in automotive applications such as advanced driver-assistance systems, vehicle electrification, powertrain systems, comfort features and safety systems, as well as in industrial and consumer equipment.

Founded in 1990 and headquartered in Manchester, New Hampshire, Allegro serves customers globally through its international operations and distribution network.