Norges Bank Purchases New Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Norges Bank purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,231,766 shares of the company's stock, valued at approximately $26,926,000. Norges Bank owned about 0.67% of Allegro MicroSystems at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Venturi Wealth Management LLC acquired a new position in Allegro MicroSystems in the 4th quarter valued at approximately $47,000. Bailard Inc. bought a new stake in shares of Allegro MicroSystems in the fourth quarter worth $254,000. Keybank National Association OH increased its holdings in Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after purchasing an additional 1,522 shares during the period. Avior Wealth Management LLC raised its position in Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after purchasing an additional 737 shares during the last quarter. Finally, Toronto Dominion Bank lifted its holdings in Allegro MicroSystems by 49.4% during the 3rd quarter. Toronto Dominion Bank now owns 15,832 shares of the company's stock worth $369,000 after buying an additional 5,232 shares during the period. Institutional investors and hedge funds own 56.45% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ALGM shares. Morgan Stanley increased their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. Needham & Company LLC restated a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company upped their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Barclays increased their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Finally, Mizuho boosted their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, March 24th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.20.

Remove Ads

Allegro MicroSystems Stock Up 1.9 %

Shares of ALGM traded up $0.41 during trading hours on Friday, hitting $22.23. The stock had a trading volume of 3,423,518 shares, compared to its average volume of 2,363,473. Allegro MicroSystems, Inc. has a 1-year low of $18.34 and a 1-year high of $33.26. 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 has a 50 day simple moving average of $24.92 and a 200-day simple moving average of $23.04. The firm has a market capitalization of $4.09 billion, a P/E ratio of -63.51 and a beta of 1.53.

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.