Allegro MicroSystems (NASDAQ:ALGM) Sets New 52-Week Low Following Analyst Downgrade

Allegro MicroSystems, Inc. (NASDAQ:ALGM) shares hit a new 52-week low on Wednesday after UBS Group lowered their price target on the stock from $30.00 to $22.00. UBS Group currently has a buy rating on the stock. Allegro MicroSystems traded as low as $17.90 and last traded at $19.07, with a volume of 1940768 shares trading hands. The stock had previously closed at $18.76.

Other analysts have also issued research reports about the company. Mizuho boosted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, March 24th. Wells Fargo & Company lifted their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Barclays decreased their price objective on Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Needham & Company LLC reissued a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Morgan Stanley boosted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average target price of $28.56.

Hedge Funds Weigh In On Allegro MicroSystems

Several large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its stake in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after buying an additional 1,884,578 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter worth $35,433,000. Paloma Partners Management Co boosted its holdings in Allegro MicroSystems by 312.8% in the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company’s stock valued at $45,989,000 after purchasing an additional 1,594,170 shares in the last quarter. Norges Bank purchased a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $26,926,000. Finally, Meridiem Capital Partners LP purchased a new stake in shares of Allegro MicroSystems during the 4th quarter worth $25,140,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 1.3 %

The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of -53.80 and a beta of 1.53. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The firm’s 50-day simple moving average is $23.04 and its two-hundred day simple moving average is $22.73.

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.