Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was down 4.6% during mid-day trading on Monday . The stock traded as low as $23.65 and last traded at $23.15. Approximately 85,821 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 2,467,240 shares. The stock had previously closed at $24.28.
Analyst Ratings Changes
ALGM has been the subject of a number of recent research reports. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research note on Friday, October 18th. 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 target on the stock. Needham & Company LLC restated a "buy" rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research report on Friday, January 31st. Morgan Stanley upped their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Finally, Barclays raised their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems has a consensus rating of "Moderate Buy" and a consensus target price of $30.70.
Read Our Latest Analysis on Allegro MicroSystems
Allegro MicroSystems Trading Up 3.4 %
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 business has a 50 day moving average of $22.93 and a 200-day moving average of $22.48. The firm has a market capitalization of $4.45 billion, a P/E ratio of -68.73 and a beta of 1.66.
Insider Transactions at Allegro MicroSystems
In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of the firm's stock in a transaction dated Monday, November 18th. The stock was bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the purchase, the senior vice president now directly owns 246,086 shares of the company's stock, valued at $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.50% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the business. FMR LLC lifted its position in Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company's stock worth $658,314,000 after buying an additional 8,534,089 shares in the last quarter. Wellington Management Group LLP bought a new stake in Allegro MicroSystems during the third quarter worth about $71,289,000. JPMorgan Chase & Co. raised 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 acquiring an additional 1,884,578 shares in the last quarter. State Street Corp boosted its position in Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company's stock valued at $127,831,000 after purchasing an additional 1,615,351 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company's stock.
Allegro MicroSystems Company Profile
(
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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.
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