Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Down - What's Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $22.01, but opened at $20.25. Allegro MicroSystems shares last traded at $20.03, with a volume of 885,816 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ALGM shares. Needham & Company LLC reissued a "buy" rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th. Wells Fargo & Company raised their target price 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. Morgan Stanley lifted their price objective 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. Barclays upped their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Finally, Mizuho raised 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. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $30.67.

Allegro MicroSystems Trading Down 4.6 %

The stock has a market cap of $3.33 billion, a price-to-earnings ratio of -51.60 and a beta of 1.53. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The company has a 50 day moving average of $24.43 and a 200-day moving average of $22.91.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new stake in shares of Allegro MicroSystems during the fourth quarter worth $15,145,000. JPMorgan Chase & Co. boosted its stake in shares of Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after buying an additional 1,884,578 shares during the period. 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 buying an additional 1,522 shares in the last quarter. Geode Capital Management LLC raised its holdings in Allegro MicroSystems by 86.5% in the third 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 in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Allegro MicroSystems by 25.7% in the fourth quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock worth $864,000 after acquiring an additional 8,075 shares during the last quarter. Hedge funds and other 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.