Corebridge Financial Inc. Lowers Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Corebridge Financial Inc. trimmed its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 19.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 147,756 shares of the company's stock after selling 35,807 shares during the period. Corebridge Financial Inc. owned approximately 0.08% of Allegro MicroSystems worth $3,230,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its holdings in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after acquiring an additional 1,884,578 shares in the last quarter. State Street Corp raised its position in shares of Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company's stock worth $127,831,000 after purchasing an additional 1,615,351 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Allegro MicroSystems in the 3rd quarter worth about $71,289,000. Geode Capital Management LLC boosted its stake in Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock worth $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock valued at $58,244,000 after purchasing an additional 308,943 shares during the last quarter. 56.45% of the stock is owned by institutional investors.

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Allegro MicroSystems Stock Performance

Shares of ALGM traded down $1.57 on Friday, reaching $21.32. The company's stock had a trading volume of 3,981,019 shares, compared to its average volume of 2,312,010. The stock's 50 day simple moving average is $25.20 and its two-hundred day simple moving average is $23.12. 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 stock has a market capitalization of $3.93 billion, a P/E ratio of -60.91 and a beta of 1.53. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26.

Wall Street Analyst Weigh In

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