Allegro MicroSystems (NASDAQ:ALGM) Hits New 52-Week Low – What’s Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s share price reached a new 52-week low on Tuesday . The company traded as low as $19.71 and last traded at $20.13, with a volume of 109609 shares changing hands. The stock had previously closed at $20.28.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Needham & Company LLC reduced 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 note on Thursday, October 31st. Barclays reduced their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Finally, UBS Group started coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price on the stock. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $32.13.

Allegro MicroSystems Price Performance

The stock has a market cap of $4.05 billion, a price-to-earnings ratio of -157.21 and a beta of 1.69. 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 company’s 50-day moving average is $22.08 and its 200-day moving average is $25.83.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. The company had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.47% and a negative net margin of 2.96%. The company’s revenue was down 32.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. Equities research analysts expect that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Allegro MicroSystems

A number of hedge funds have recently made changes to their positions in ALGM. Vanguard Group Inc. increased its holdings in Allegro MicroSystems by 13.5% during the 1st 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. Bamco Inc. NY increased its position in Allegro MicroSystems by 477.6% in the 1st quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock valued at $18,031,000 after acquiring an additional 553,016 shares in the last quarter. Silvercrest Asset Management Group LLC grew its stake in shares of Allegro MicroSystems by 363.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after purchasing an additional 495,935 shares during the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Allegro MicroSystems in the second quarter valued at approximately $13,120,000. Finally, Dimensional Fund Advisors LP raised its position in Allegro MicroSystems by 45.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock worth $36,207,000 after purchasing an additional 397,681 shares during 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.