Allegro MicroSystems (NASDAQ:ALGM) Stock Price Down 4.6% – Should You Sell?

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) fell 4.6% on Monday . The stock traded as low as $23.65 and last traded at $23.15. 85,821 shares changed hands during trading, a decline of 97% from the average session volume of 2,467,240 shares. The stock had previously closed at $24.28.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ALGM. Barclays increased their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Wells Fargo & Company increased their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Friday, January 31st. Finally, Morgan Stanley increased their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Stock Down 0.2 %

The company has a market cap of $4.50 billion, a P/E ratio of -69.80 and a beta of 1.66. The stock has a 50-day moving average of $22.98 and a two-hundred day moving average of $22.49. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the transaction, the senior vice president now directly owns 246,086 shares in the company, valued at $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Westfield Capital Management Co. LP increased its holdings in shares of Allegro MicroSystems by 54.6% in the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after buying an additional 711,185 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Allegro MicroSystems by 20.6% in 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 during the period. Geode Capital Management LLC increased its holdings in shares of Allegro MicroSystems by 86.5% in the third 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 period. Wellington Management Group LLP purchased a new position in shares of Allegro MicroSystems in the third quarter worth about $71,289,000. Finally, Pier Capital LLC purchased a new position in shares of Allegro MicroSystems in the third quarter worth about $7,514,000. 56.45% of the stock is owned by institutional investors.

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.