Allegro MicroSystems (NASDAQ:ALGM) Given New $48.00 Price Target at UBS Group

Allegro MicroSystems (NASDAQ:ALGM) had its target price reduced by equities research analysts at UBS Group from $50.00 to $48.00 in a note issued to investors on Friday, Benzinga reports. The brokerage 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 current price.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of Allegro MicroSystems from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 23rd. Mizuho lowered their price target on Allegro MicroSystems from $58.00 to $46.00 and set an “outperform” rating on the stock in a research note on Friday. Royal Bank Of Canada started coverage on Allegro MicroSystems in a research report on Friday, October 2nd. They issued an “outperform” rating and a $50.00 price objective for the company. TD Cowen decreased their price objective 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, Barclays lowered their price objective on Allegro MicroSystems from $48.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.75.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $30.53 on Friday. Allegro MicroSystems has a 1 year low of $22.41 and a 1 year high of $71.77. The firm’s fifty day simple moving average is $35.09 and its 200 day simple moving average is $40.66. 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 firm has a market capitalization of $5.69 billion, a PE ratio of 203.55, a PEG ratio of 0.90 and a beta of 2.05.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $276.88 million during the quarter, compared to analysts’ expectations of $270.86 million. Allegro MicroSystems had a net margin of 3.07% and a return on equity of 10.34%. The business’s quarterly revenue was up 29.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.13 earnings per share. On average, sell-side analysts anticipate that Allegro MicroSystems will post 0.65 EPS for the current year.

Insider Transactions at Allegro MicroSystems

In related news, SVP Erin Hagen sold 2,285 shares of the business’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 completion of the transaction, the senior vice president directly owned 31,052 shares in the company, valued at approximately $1,378,398.28. The trade was a 6.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Several hedge funds and other institutional investors have recently modified their holdings of ALGM. Oregon Public Employees Retirement Fund raised its stake in Allegro MicroSystems by 2.3% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 26,237 shares of the company’s stock worth $954,000 after purchasing an additional 600 shares in the last quarter. TSG Advice Partners LLC bought a new position in shares of Allegro MicroSystems during the third quarter worth approximately $368,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Allegro MicroSystems in the third quarter valued at approximately $379,000. ProShare Advisors LLC raised its position in shares of Allegro MicroSystems by 36.6% in the third quarter. ProShare Advisors LLC now owns 18,312 shares of the company’s stock valued at $666,000 after buying an additional 4,905 shares in the last quarter. Finally, Vise Technologies Inc. boosted its stake in shares of Allegro MicroSystems by 120.5% in the third quarter. Vise Technologies Inc. now owns 9,915 shares of the company’s stock valued at $360,000 after buying an additional 5,419 shares during the period. Institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

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.