Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Down – What’s Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s share price gapped down before the market opened 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 traded.

Wall Street Analyst Weigh In

ALGM has been the subject of several recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Morgan Stanley lifted their price target on shares of 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 increased their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, March 24th. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Finally, Barclays increased 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. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.20.

Allegro MicroSystems Trading Down 10.3 %

The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The business has a 50-day moving average price of $24.87 and a two-hundred day moving average price of $23.02. The firm has a market cap of $3.63 billion, a PE ratio of -56.11 and a beta of 1.53.

Institutional Trading of Allegro MicroSystems

A number of hedge funds have recently added to or reduced their stakes in ALGM. UMB Bank n.a. increased its stake in shares of Allegro MicroSystems by 68.6% during the 1st 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 last quarter. TD Waterhouse Canada Inc. acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at $40,000. Venturi Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $47,000. Quarry LP acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth $79,000. Finally, GAMMA Investing LLC raised its position in shares of Allegro MicroSystems by 144.3% in the 1st quarter. GAMMA Investing LLC now owns 4,155 shares of the company’s stock worth $104,000 after buying an additional 2,454 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

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.