Allegro MicroSystems (NASDAQ:ALGM) Sets New 52-Week Low - Time to Sell?

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ALGM. Wells Fargo & Company upped their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Barclays upped their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Mizuho lifted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, March 24th. Morgan Stanley upped their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $30.67.

Allegro MicroSystems Trading Down 4.6 %

The firm has a fifty day moving average of $24.43 and a 200-day moving average of $22.91. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of -51.60 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.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds have recently modified their holdings of ALGM. Fifth Third Bancorp grew its holdings in 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 in the last quarter. UMB Bank n.a. boosted its position in Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after buying an additional 578 shares during the last quarter. TD Waterhouse Canada Inc. acquired a new stake in shares of Allegro MicroSystems during the fourth quarter valued at about $40,000. Venturi Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems during the fourth quarter worth about $47,000. Finally, Quarry LP acquired a new position in shares of Allegro MicroSystems in the fourth quarter worth about $79,000. 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.