Bailard Inc. Purchases New Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bailard Inc. acquired a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 11,600 shares of the company's stock, valued at approximately $254,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Westfield Capital Management Co. LP raised its position in Allegro MicroSystems by 54.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company's stock valued at $46,937,000 after purchasing an additional 711,185 shares during the last quarter. JPMorgan Chase & Co. increased its position in Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after buying an additional 1,884,578 shares in the last quarter. Geode Capital Management LLC boosted its stake in Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after purchasing an additional 1,187,792 shares during the last quarter. Venturi Wealth Management LLC purchased a new stake in Allegro MicroSystems during the 4th quarter valued at $47,000. Finally, Wellington Management Group LLP purchased a new stake in Allegro MicroSystems during the 3rd quarter valued at $71,289,000. 56.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ALGM has been the topic of several analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Barclays lifted their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 target price on the stock. Morgan Stanley lifted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. Finally, Wells Fargo & Company lifted their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.70.

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Allegro MicroSystems Trading Down 2.1 %

Shares of NASDAQ:ALGM traded down $0.60 during trading hours on Friday, hitting $27.71. 7,677,112 shares of the company's stock traded hands, compared to its average volume of 3,237,389. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The business has a fifty day moving average price of $24.34 and a 200-day moving average price of $22.76. The firm has a market capitalization of $5.10 billion, a P/E ratio of -79.17 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

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.