Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Down - Should You Sell?

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report)'s stock 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 changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ALGM shares. Barclays upped their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Morgan Stanley boosted 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. Wells Fargo & Company boosted their price target 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Finally, Mizuho upped 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. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $30.67.

Allegro MicroSystems Stock Down 4.6 %

The business's fifty day simple moving average is $24.43 and its two-hundred day simple moving average is $22.91. 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 company has a market cap of $3.33 billion, a PE ratio of -51.60 and a beta of 1.53.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $15,145,000. JPMorgan Chase & Co. boosted its holdings in Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after buying an additional 1,884,578 shares in the last quarter. Keybank National Association OH grew its holdings in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after acquiring an additional 1,522 shares during the period. Geode Capital Management LLC raised its stake in shares of Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock worth $59,699,000 after buying an additional 1,187,792 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Allegro MicroSystems by 25.7% in the fourth quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock valued at $864,000 after purchasing an additional 8,075 shares in the last quarter. 56.45% of the stock is currently 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.