Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stock Position Cut by Artisan Partners Limited Partnership

Artisan Partners Limited Partnership decreased its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 5.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,429,250 shares of the company's stock after selling 88,845 shares during the period. Artisan Partners Limited Partnership owned about 0.78% of Allegro MicroSystems worth $31,243,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ALGM. FMR LLC grew its position in shares of Allegro MicroSystems by 43.3% during the third quarter. FMR LLC now owns 28,253,811 shares of the company's stock worth $658,314,000 after buying an additional 8,534,089 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Allegro MicroSystems by 20.6% during the 3rd 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 increased 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 acquired a new stake in shares of Allegro MicroSystems in the 3rd quarter valued at about $71,289,000. Finally, Geode Capital Management LLC lifted its position in shares of Allegro MicroSystems by 86.5% during the third 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 during the last quarter. Institutional investors and hedge funds own 56.45% of the company's stock.

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Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM traded up $0.20 during trading hours on Wednesday, hitting $26.38. The stock had a trading volume of 777,284 shares, compared to its average volume of 3,126,330. The stock's fifty day simple moving average is $25.28 and its 200 day simple moving average is $23.11. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of -75.45 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Morgan Stanley boosted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Needham & Company LLC reissued a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Barclays lifted their price objective 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. 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. Finally, Mizuho lifted their price target 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 investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems has an average rating of "Moderate Buy" and an average price target of $31.20.

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.