Raymond James Financial Inc. Purchases Shares of 692,835 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Raymond James Financial Inc. purchased a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 692,835 shares of the company's stock, valued at approximately $15,145,000. Raymond James Financial Inc. owned about 0.38% of Allegro MicroSystems at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Westfield Capital Management Co. LP boosted its stake in 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 valued at $46,937,000 after acquiring an additional 711,185 shares during the last quarter. JPMorgan Chase & Co. boosted 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 acquiring an additional 1,884,578 shares during the last quarter. Keybank National Association OH boosted its stake 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 acquiring an additional 1,522 shares during the last quarter. Geode Capital Management LLC boosted its stake in Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after acquiring an additional 1,187,792 shares during the last quarter. Finally, Venturi Wealth Management LLC bought a new position in Allegro MicroSystems in the fourth quarter valued at approximately $47,000. 56.45% of the stock is owned by institutional investors.

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Allegro MicroSystems Stock Down 1.0 %

Shares of NASDAQ:ALGM traded down $0.27 during midday trading on Friday, reaching $26.57. 3,312,245 shares of the company were exchanged, compared to its average volume of 2,199,380. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two week high of $33.26. 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 stock has a fifty day simple moving average of $24.98 and a two-hundred day simple moving average of $22.90. The firm has a market cap of $4.89 billion, a PE ratio of -75.91 and a beta of 1.67.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Wells Fargo & Company increased their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Morgan Stanley increased their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Barclays increased their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $30.70.

Allegro MicroSystems 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.