Wellington Management Group LLP Has $87.30 Million Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Wellington Management Group LLP increased its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 30.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,993,682 shares of the company's stock after buying an additional 934,048 shares during the quarter. Wellington Management Group LLP owned about 2.17% of Allegro MicroSystems worth $87,302,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Venturi Wealth Management LLC acquired a new stake in Allegro MicroSystems in the 4th quarter valued at $47,000. Intech Investment Management LLC acquired a new stake in Allegro MicroSystems in the 3rd quarter valued at $214,000. Bailard Inc. acquired a new stake in Allegro MicroSystems in the 4th quarter valued at $254,000. Keybank National Association OH increased its holdings in Allegro MicroSystems by 14.9% in the 4th 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 in the last quarter. Finally, Avior Wealth Management LLC increased its holdings in Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock valued at $321,000 after purchasing an additional 737 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Performance

ALGM stock traded down $2.46 during midday trading on Thursday, reaching $20.77. The company had a trading volume of 613,242 shares, compared to its average volume of 2,336,540. 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 50 day moving average price of $24.98 and a 200 day moving average price of $23.05. Allegro MicroSystems, Inc. has a fifty-two week low of $18.34 and a fifty-two week high of $33.26. The firm has a market capitalization of $3.82 billion, a PE ratio of -59.89 and a beta of 1.53.

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Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ALGM. Wells Fargo & Company raised their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Barclays raised their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Morgan Stanley raised their target price 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 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Finally, Mizuho raised their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, March 24th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.20.

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.