Allegro MicroSystems (NASDAQ:ALGM) Shares Down 4.9% - Time to Sell?

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) were down 4.9% during mid-day trading on Wednesday . The stock traded as low as $18.47 and last traded at $18.90. Approximately 868,890 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 3,243,823 shares. The stock had previously closed at $19.88.

Wall Street Analysts Forecast Growth

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

Allegro MicroSystems Stock Down 4.6 %

The firm has a market cap of $3.33 billion, a P/E 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. The firm's fifty day moving average is $24.43 and its 200 day moving average is $22.91.

Hedge Funds Weigh In On Allegro MicroSystems

A number of large investors have recently made changes to their positions in the company. Fifth Third Bancorp increased its position in Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after buying an additional 504 shares during the period. UMB Bank n.a. increased its position in Allegro MicroSystems by 68.6% during the first 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 period. TD Waterhouse Canada Inc. acquired a new stake in Allegro MicroSystems in the 4th quarter worth about $40,000. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth approximately $47,000. Finally, Quarry LP bought a new position in shares of Allegro MicroSystems during the fourth quarter worth approximately $79,000. 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.