Allegro MicroSystems (NASDAQ:ALGM) Stock Price Down 5.1% – Here’s What Happened

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s share price fell 5.1% during trading on Monday . The stock traded as low as $22.16 and last traded at $22.86. 600,235 shares changed hands during trading, a decline of 75% from the average session volume of 2,441,887 shares. The stock had previously closed at $24.09.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ALGM. Morgan Stanley boosted their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday. Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. Wells Fargo & Company boosted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, Barclays raised their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock 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. According to data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

Allegro MicroSystems Price Performance

The stock has a 50-day moving average of $22.73 and a two-hundred day moving average of $22.54. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of -70.31 and a beta of 1.66.

Insiders Place Their Bets

In related news, SVP Michael Doogue acquired 15,000 shares of the business’s stock in a transaction on Monday, November 18th. The stock was bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds have recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP increased its stake in Allegro MicroSystems by 54.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after purchasing an additional 711,185 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in 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 purchasing an additional 1,884,578 shares during the last quarter. Geode Capital Management LLC raised its stake in Allegro MicroSystems by 86.5% in the 3rd 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 during the period. Wellington Management Group LLP acquired a new position in Allegro MicroSystems in the 3rd quarter valued at about $71,289,000. Finally, Pier Capital LLC acquired a new stake in Allegro MicroSystems during the 3rd quarter worth approximately $7,514,000. Institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

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.