Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Down to $28.89

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $28.89, but opened at $27.88. Allegro MicroSystems shares last traded at $28.22, with a volume of 120,357 shares.

Analysts Set New Price Targets

Several brokerages have issued reports on ALGM. Evercore ISI began coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price target on the stock. Barclays dropped their target price on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. TD Cowen raised their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Mizuho dropped their target price on Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Finally, Jefferies Financial Group started coverage on Allegro MicroSystems in a report on Monday, May 13th. They issued a “buy” rating and a $37.00 target price on the stock. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and an average price target of $37.44.

Allegro MicroSystems Stock Performance

The stock has a market capitalization of $4.79 billion, a P/E ratio of 31.67 and a beta of 1.67. The company has a 50 day simple moving average of $29.54 and a 200-day simple moving average of $28.89. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.85 and a quick ratio of 3.48.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, May 9th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. The firm had revenue of $240.58 million for the quarter, compared to analyst estimates of $235.00 million. On average, equities analysts forecast that Allegro MicroSystems, Inc. will post 0.23 EPS for the current year.

Insider Activity at Allegro MicroSystems

In related news, Director Richard R. Lury sold 8,500 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $30.00, for a total transaction of $255,000.00. Following the sale, the director now directly owns 23,001 shares in the company, valued at approximately $690,030. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently made changes to their positions in ALGM. GAMMA Investing LLC bought a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $28,000. Versant Capital Management Inc grew its position in Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after buying an additional 1,096 shares in the last quarter. Pineridge Advisors LLC purchased a new position in Allegro MicroSystems during the fourth quarter worth about $49,000. Quadrant Capital Group LLC grew its position in Allegro MicroSystems by 25.1% during the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after buying an additional 425 shares in the last quarter. Finally, Psagot Value Holdings Ltd. Israel grew its position in Allegro MicroSystems by 28.5% during the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company’s stock worth $70,000 after buying an additional 502 shares in the last quarter. 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.