Allegro MicroSystems (NASDAQ:ALGM) Stock Price Down 4.6% – Should You Sell?

Allegro MicroSystems, Inc. (NASDAQ:ALGM) traded down 4.6% during mid-day trading on Monday . The stock traded as low as $23.65 and last traded at $23.15. 85,821 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 2,467,240 shares. The stock had previously closed at $24.28.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price on the stock. Barclays raised their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Morgan Stanley raised their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Friday, January 31st. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

Allegro MicroSystems Stock Performance

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 business has a 50-day moving average price of $22.98 and a 200 day moving average price of $22.49. The stock has a market capitalization of $4.50 billion, a P/E ratio of -69.80 and a beta of 1.66.

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was bought at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the acquisition, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds have recently added to or reduced their stakes in ALGM. Creative Planning raised its holdings in Allegro MicroSystems by 25.6% in the 2nd quarter. Creative Planning now owns 17,349 shares of the company’s stock worth $490,000 after acquiring an additional 3,540 shares during the last quarter. nVerses Capital LLC purchased a new position in Allegro MicroSystems in the 3rd quarter worth approximately $231,000. Louisiana State Employees Retirement System raised its holdings in Allegro MicroSystems by 113.4% in the 3rd quarter. Louisiana State Employees Retirement System now owns 43,100 shares of the company’s stock worth $1,004,000 after acquiring an additional 22,900 shares during the last quarter. State of Alaska Department of Revenue raised its stake in Allegro MicroSystems by 9.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 120,110 shares of the company’s stock valued at $2,797,000 after buying an additional 10,370 shares during the last quarter. Finally, New York State Teachers Retirement System raised its stake in Allegro MicroSystems by 97.4% during the 3rd quarter. New York State Teachers Retirement System now owns 22,900 shares of the company’s stock valued at $534,000 after buying an additional 11,300 shares during 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.