Allegro MicroSystems (NASDAQ:ALGM) Trading Down 4.9% – Here’s Why

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s share price traded down 4.9% during trading on Wednesday . The company traded as low as $18.47 and last traded at $18.90. 868,890 shares traded hands during trading, a decline of 73% from the average session volume of 3,243,823 shares. The stock had previously closed at $19.88.

Analyst Ratings Changes

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

Allegro MicroSystems Stock Down 4.6 %

The firm’s fifty day simple moving average is $24.55 and its 200-day simple moving average is $22.93. The company has a market cap of $3.33 billion, a PE ratio of -51.60 and a beta of 1.53. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

Institutional Trading of Allegro MicroSystems

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in shares of Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after purchasing an additional 1,884,578 shares during the period. Capital Research Global Investors increased its stake in Allegro MicroSystems by 6.5% in the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock valued at $126,093,000 after purchasing an additional 353,776 shares during the last quarter. Wellington Management Group LLP boosted its stake in Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock worth $87,302,000 after buying an additional 934,048 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Allegro MicroSystems by 50.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company’s stock worth $59,756,000 after buying an additional 911,993 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after acquiring an additional 1,187,792 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

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.