Allegro MicroSystems (NASDAQ:ALGM) Shares Gap Up - What's Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $22.30, but opened at $26.75. Allegro MicroSystems shares last traded at $26.78, with a volume of 2,938,789 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ALGM shares. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price objective on the stock. Morgan Stanley increased their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd. Wells Fargo & Company raised their price target on 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 objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Finally, Needham & Company LLC reissued a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.70.

Allegro MicroSystems Stock Performance

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 stock has a market cap of $5.21 billion, a PE ratio of -80.89 and a beta of 1.67. The business's 50-day moving average price is $24.11 and its 200-day moving average price is $22.73.

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Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently bought and sold shares of the company. TD Waterhouse Canada Inc. acquired a new stake in shares of Allegro MicroSystems in the 4th quarter worth $40,000. Venturi Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems during the fourth quarter worth about $47,000. Quarry LP purchased a new stake in shares of Allegro MicroSystems during the fourth quarter worth about $79,000. KBC Group NV increased its holdings in shares of Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company's stock valued at $84,000 after acquiring an additional 1,042 shares in the last quarter. Finally, Sterling Capital Management LLC raised its position in shares of Allegro MicroSystems by 59.9% in the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock valued at $161,000 after purchasing an additional 2,758 shares during the last quarter. 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.