Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Down – Time to Sell?

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $18.06, but opened at $17.40. Allegro MicroSystems shares last traded at $16.89, with a volume of 225,539 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ALGM shares. Mizuho upped their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Barclays upped their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Wells Fargo & Company lifted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Morgan Stanley increased their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and a consensus target price of $30.67.

Allegro MicroSystems Stock Down 7.8 %

The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The stock has a 50 day moving average price of $24.43 and a 200-day moving average price of $22.93. The stock has a market capitalization of $3.07 billion, a P/E ratio of -47.57 and a beta of 1.53.

Hedge Funds Weigh In On Allegro MicroSystems

A number of large investors have recently bought and sold shares of ALGM. Fifth Third Bancorp grew its holdings in shares of Allegro MicroSystems by 63.7% in the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock worth $33,000 after purchasing an additional 504 shares during the last quarter. UMB Bank n.a. increased its position in shares of Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock valued at $36,000 after acquiring an additional 578 shares during the period. TD Waterhouse Canada Inc. bought a new position in shares of Allegro MicroSystems during the fourth quarter valued at about $40,000. Venturi Wealth Management LLC bought a new position in shares of Allegro MicroSystems during the fourth quarter valued at about $47,000. Finally, Quarry LP purchased a new stake in shares of Allegro MicroSystems during the fourth quarter worth about $79,000. 56.45% of the stock is owned by hedge funds and other 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.