Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. trimmed its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,082,947 shares of the company's stock after selling 636,594 shares during the period. Vanguard Group Inc. owned about 7.65% of Allegro MicroSystems worth $307,853,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ALGM. Venturi Wealth Management LLC purchased a new position in Allegro MicroSystems in the fourth quarter worth $47,000. Intech Investment Management LLC purchased a new stake in Allegro MicroSystems during the third quarter worth about $214,000. Bailard Inc. purchased a new stake in Allegro MicroSystems during the fourth quarter worth about $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 buying 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 fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock valued at $321,000 after buying an additional 737 shares in the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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Allegro MicroSystems Trading Down 10.1 %

Shares of Allegro MicroSystems stock traded down $2.13 during mid-day trading on Tuesday, hitting $18.93. 4,222,539 shares of the stock were exchanged, compared to its average volume of 2,329,699. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of -54.09 and a beta of 1.53. Allegro MicroSystems, Inc. has a twelve month low of $18.34 and a twelve month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The company has a 50-day simple moving average of $25.01 and a 200 day simple moving average of $23.04.

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.