Allegro MicroSystems (NASDAQ:ALGM) Stock Price Down 5.1% – Time to Sell?

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price fell 5.1% during mid-day trading on Monday . The stock traded as low as $22.16 and last traded at $22.86. 600,235 shares were traded during trading, a decline of 75% from the average session volume of 2,441,887 shares. The stock had previously closed at $24.09.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ALGM. Loop Capital initiated coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective on the stock. Morgan Stanley upped their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday. Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Barclays boosted their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Friday, January 31st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Stock Up 2.8 %

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 company’s fifty day moving average price is $22.73 and its 200-day moving average price is $22.54. The stock has a market capitalization of $4.53 billion, a PE ratio of -70.31 and a beta of 1.66.

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue purchased 15,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the purchase, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds have recently modified their holdings of the business. Handelsbanken Fonder AB lifted its position in Allegro MicroSystems by 96.8% during the fourth quarter. Handelsbanken Fonder AB now owns 36,400 shares of the company’s stock valued at $796,000 after purchasing an additional 17,900 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at about $47,000. New Mexico Educational Retirement Board grew its position in shares of Allegro MicroSystems by 139.7% during the fourth quarter. New Mexico Educational Retirement Board now owns 31,881 shares of the company’s stock worth $697,000 after purchasing an additional 18,581 shares in the last quarter. Van ECK Associates Corp raised its stake in Allegro MicroSystems by 202.3% during the 4th quarter. Van ECK Associates Corp now owns 22,298 shares of the company’s stock valued at $487,000 after purchasing an additional 14,922 shares during the period. Finally, Lightrock Netherlands B.V. bought a new position in Allegro MicroSystems in the 4th quarter worth approximately $4,469,000. 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.