Allegro MicroSystems (NASDAQ:ALGM) Stock Price Down 4.9% - Here's Why

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

Analyst Upgrades and Downgrades

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

Allegro MicroSystems Price Performance

The stock has a market cap of $3.04 billion, a P/E ratio of -47.23 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. The business's 50-day simple moving average is $24.43 and its two-hundred day simple moving average is $22.93.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC purchased a new stake in shares of Allegro MicroSystems during the first quarter worth about $163,000. Fifth Third Bancorp lifted its position in Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after acquiring an additional 504 shares in the last quarter. SG Americas Securities LLC purchased a new position in Allegro MicroSystems in the 1st quarter worth about $805,000. GAMMA Investing LLC boosted its holdings in Allegro MicroSystems by 144.3% in the first quarter. GAMMA Investing LLC now owns 4,155 shares of the company's stock worth $104,000 after purchasing an additional 2,454 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in 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. Institutional investors 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.