Allegro MicroSystems (NASDAQ:ALGM) Reaches New 52-Week Low at $23.64

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $23.64 and last traded at $23.98, with a volume of 675584 shares trading hands. The stock had previously closed at $29.36.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ALGM. TD Cowen lifted their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the company an "outperform" rating in a research report on Friday, February 2nd. Needham & Company LLC decreased their price target on Allegro MicroSystems from $44.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, February 2nd. Wolfe Research raised Allegro MicroSystems from a "peer perform" rating to an "outperform" rating and set a $35.00 price objective for the company in a research note on Friday, February 2nd. Finally, Evercore ISI initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, April 16th. They issued an "outperform" rating and a $36.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $44.50.

Allegro MicroSystems Stock Performance

The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22. The company has a market cap of $5.34 billion, a PE ratio of 21.20 and a beta of 1.72. The business has a fifty day moving average of $28.29 and a 200-day moving average of $28.39.

Institutional Trading of Allegro MicroSystems

Several large investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in Allegro MicroSystems by 13.8% during the third quarter. FMR LLC now owns 9,234,454 shares of the company's stock worth $294,948,000 after acquiring an additional 1,121,651 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Allegro MicroSystems by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 7,400,125 shares of the company's stock worth $224,002,000 after buying an additional 38,187 shares during the last quarter. JPMorgan Chase & Co. increased its position in Allegro MicroSystems by 21.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company's stock valued at $129,435,000 after buying an additional 727,535 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Allegro MicroSystems by 34.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,319,635 shares of the company's stock valued at $106,029,000 after buying an additional 855,811 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Allegro MicroSystems by 12.2% in the third quarter. Invesco Ltd. now owns 3,205,810 shares of the company's stock worth $102,394,000 after acquiring an additional 347,971 shares in the last quarter. 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.