Allegro MicroSystems (NASDAQ:ALGM) Reaches New 12-Month Low – Here’s What Happened

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $19.27 and last traded at $19.56, with a volume of 103873 shares changing hands. The stock had previously closed at $19.83.

Wall Street Analyst Weigh In

Several research firms have commented on ALGM. Barclays lowered their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. UBS Group initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Needham & Company LLC decreased their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. Finally, Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.80.

Allegro MicroSystems Stock Performance

The stock has a market cap of $3.51 billion, a price-to-earnings ratio of -136.21 and a beta of 1.69. The firm’s 50-day moving average is $21.66 and its two-hundred day moving average is $25.41. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42.

Allegro MicroSystems (NASDAQ:ALGM) last announced 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. The business had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The business’s revenue was down 32.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 earnings per share.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALGM. SG Americas Securities LLC purchased a new position in shares of Allegro MicroSystems in the first quarter worth about $297,000. Russell Investments Group Ltd. lifted its stake in Allegro MicroSystems by 238.9% in the 1st quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock worth $1,503,000 after purchasing an additional 39,289 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of Allegro MicroSystems by 23.1% during the 1st quarter. ProShare Advisors LLC now owns 12,157 shares of the company’s stock worth $328,000 after purchasing an additional 2,279 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Allegro MicroSystems by 13.5% in the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after purchasing an additional 999,939 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its position in Allegro MicroSystems by 6.7% during the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock worth $100,595,000 after buying an additional 235,335 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

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.