Allegro MicroSystems (NASDAQ:ALGM) Reaches New 12-Month Low at $23.64

Allegro MicroSystems, Inc. (NASDAQ:ALGM) shares reached a new 52-week low during trading on Thursday . The company traded as low as $23.64 and last traded at $23.98, with a volume of 675584 shares changing hands. The stock had previously closed at $29.36.

Analyst Ratings Changes

A number of research analysts have commented on ALGM shares. Evercore ISI started coverage on Allegro MicroSystems in a research report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price target for the company. TD Cowen increased their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research report on Friday, February 2nd. Finally, Needham & Company LLC decreased their target price on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.50.

Allegro MicroSystems Stock Performance

The business has a fifty day simple moving average of $28.29 and a two-hundred day simple moving average of $28.39. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. The company has a market cap of $4.86 billion, a PE ratio of 21.20 and a beta of 1.72.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGM. Commonwealth Equity Services LLC lifted its stake in Allegro MicroSystems by 20.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 18,640 shares of the company’s stock valued at $595,000 after buying an additional 3,225 shares in the last quarter. Xponance Inc. increased its holdings in Allegro MicroSystems by 11.3% in the 3rd quarter. Xponance Inc. now owns 16,383 shares of the company’s stock valued at $523,000 after purchasing an additional 1,664 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Allegro MicroSystems by 23.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 789,283 shares of the company’s stock valued at $25,210,000 after purchasing an additional 152,103 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Allegro MicroSystems by 13.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,157 shares of the company’s stock worth $388,000 after acquiring an additional 1,454 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new position in shares of Allegro MicroSystems in the third quarter worth $290,000. 56.45% of the stock is owned by institutional investors and hedge funds.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.