Bryce Point Capital LLC Buys New Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bryce Point Capital LLC bought a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 66,154 shares of the company's stock, valued at approximately $1,446,000.

Other institutional investors have also bought and sold shares of the company. Alliancebernstein L.P. lifted its position in shares of Allegro MicroSystems by 183.1% during the 4th quarter. Alliancebernstein L.P. now owns 528,173 shares of the company's stock worth $11,546,000 after buying an additional 341,627 shares in the last quarter. Wellington Management Group LLP boosted its position in Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after purchasing an additional 934,048 shares during the last quarter. Schroder Investment Management Group grew its stake in Allegro MicroSystems by 2.4% in the 4th quarter. Schroder Investment Management Group now owns 441,623 shares of the company's stock valued at $9,530,000 after purchasing an additional 10,155 shares during the period. Pictet Asset Management Holding SA raised its stake in shares of Allegro MicroSystems by 10.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company's stock worth $386,000 after purchasing an additional 1,687 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new position in shares of Allegro MicroSystems in the 4th quarter worth about $2,637,000. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Trading Down 3.1 %

Shares of NASDAQ:ALGM traded down $0.67 during trading on Monday, reaching $20.65. 1,106,445 shares of the company traded hands, compared to its average volume of 2,307,404. The business's fifty day moving average is $25.20 and its 200-day moving average is $23.12. Allegro MicroSystems, Inc. has a 52-week low of $18.59 and a 52-week 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 firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of -59.08 and a beta of 1.53.

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Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ALGM. Needham & Company LLC restated a "buy" rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Barclays raised 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 boosted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, January 13th. Mizuho increased their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. Finally, Morgan Stanley lifted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Allegro MicroSystems presently has an average rating of "Moderate Buy" and an average 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.