Allegro MicroSystems (NASDAQ:ALGM) Sets New 12-Month Low – Time to Sell?

Allegro MicroSystems, Inc. (NASDAQ:ALGM) reached a new 52-week low during trading on Thursday . The company traded as low as $18.05 and last traded at $18.93, with a volume of 6080572 shares. The stock had previously closed at $19.88.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ALGM shares. Morgan Stanley raised their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Barclays lifted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Wells Fargo & Company increased 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. Needham & Company LLC restated a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Mizuho upped their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, March 24th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus price target of $30.67.

Allegro MicroSystems Price Performance

The stock has a market capitalization of $3.49 billion, a P/E ratio of -54.09 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 firm has a fifty day moving average price of $24.66 and a two-hundred day moving average price of $22.97.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ALGM. Fifth Third Bancorp increased its position in shares of Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock valued at $33,000 after purchasing an additional 504 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Allegro MicroSystems during the first quarter valued at approximately $805,000. GAMMA Investing LLC raised its position in Allegro MicroSystems by 144.3% in the first quarter. GAMMA Investing LLC now owns 4,155 shares of the company’s stock worth $104,000 after acquiring an additional 2,454 shares during the period. UMB Bank n.a. boosted 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 worth $36,000 after acquiring an additional 578 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of Allegro MicroSystems by 1.4% during the 1st quarter. Rhumbline Advisers now owns 330,263 shares of the company’s stock valued at $8,299,000 after acquiring an additional 4,428 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.