Allegro MicroSystems (NASDAQ:ALGM) Sets New 12-Month Low - Here's Why

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $18.05 and last traded at $18.93, with a volume of 6080572 shares traded. The stock had previously closed at $19.88.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ALGM. Needham & Company LLC restated a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Wells Fargo & Company upped their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Barclays lowered their price objective on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a research note on Tuesday. Morgan Stanley increased their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. Finally, Mizuho upped their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $29.78.

Allegro MicroSystems Stock Up 2.6 %

The stock has a market cap of $3.12 billion, a P/E ratio of -48.29 and a beta of 1.53. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The company's 50 day moving average price is $24.27 and its two-hundred day moving average price is $22.89.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Mackenzie Financial Corp increased its holdings in Allegro MicroSystems by 2.8% in the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company's stock worth $398,000 after acquiring an additional 491 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after buying an additional 504 shares during the period. UMB Bank n.a. raised its holdings in Allegro MicroSystems by 68.6% during 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. Avior Wealth Management LLC boosted its stake in shares of Allegro MicroSystems by 5.3% in the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after acquiring an additional 737 shares during the period. Finally, Keybank National Association OH grew its position in shares of Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after purchasing an additional 1,522 shares in the last quarter. 56.45% of the stock is currently 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.