Allegro MicroSystems (NASDAQ:ALGM) Shares Down 5.1% - Time to Sell?

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) shares dropped 5.1% on Monday . The stock traded as low as $22.16 and last traded at $22.86. Approximately 600,235 shares traded hands during trading, a decline of 75% from the average daily volume of 2,441,887 shares. The stock had previously closed at $24.09.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ALGM shares. Loop Capital assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a research note on Friday, January 31st. Wells Fargo & Company boosted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research note on Friday, October 18th. Finally, Morgan Stanley upped their price target 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. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $30.70.

Allegro MicroSystems Price Performance

The firm's fifty day moving average price is $22.86 and its 200-day moving average price is $22.57. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The stock has a market cap of $4.60 billion, a P/E ratio of -71.46 and a beta of 1.66.

Insider Activity

In other news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the completion of the purchase, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.50% of the company's stock.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds have recently bought and sold shares of the business. FMR LLC raised its stake in Allegro MicroSystems by 43.3% during the third quarter. FMR LLC now owns 28,253,811 shares of the company's stock valued at $658,314,000 after buying an additional 8,534,089 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Allegro MicroSystems by 20.6% in the 3rd 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 during the last quarter. State Street Corp grew its stake in shares of Allegro MicroSystems by 41.7% during the 3rd 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 period. Wellington Management Group LLP bought a new stake in Allegro MicroSystems during the third quarter valued at approximately $71,289,000. Finally, Geode Capital Management LLC increased its stake in shares of Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock worth $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. Institutional investors own 56.45% of the company's stock.

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.