Capital Research Global Investors Purchases 353,776 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Capital Research Global Investors lifted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 6.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 5,768,208 shares of the company's stock after acquiring an additional 353,776 shares during the period. Capital Research Global Investors owned 3.13% of Allegro MicroSystems worth $126,093,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Avior Wealth Management LLC increased its stake in Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after purchasing an additional 737 shares in the last quarter. Keybank National Association OH increased its position in shares of Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after acquiring an additional 1,522 shares in the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Allegro MicroSystems by 10.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company's stock valued at $386,000 after acquiring an additional 1,687 shares during the period. Venturi Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $47,000. Finally, Arizona State Retirement System boosted its stake in Allegro MicroSystems by 7.6% in the 4th quarter. Arizona State Retirement System now owns 37,293 shares of the company's stock worth $815,000 after purchasing an additional 2,645 shares during the period. Institutional investors and hedge funds own 56.45% of the company's stock.

Wall Street Analysts Forecast Growth

ALGM has been the topic of several recent analyst reports. Barclays cut their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating on the stock in a research note on Tuesday. Mizuho raised their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company raised their price target 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, Morgan Stanley upped their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $29.78.

Allegro MicroSystems Stock Up 1.3 %

Shares of Allegro MicroSystems stock traded up $0.25 during midday trading on Friday, reaching $19.12. 2,104,192 shares of the company's stock traded hands, compared to its average volume of 2,469,570. The company has a market cap of $3.52 billion, a price-to-earnings ratio of -54.63 and a beta of 1.53. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $33.26. The company's 50 day simple moving average is $23.81 and its 200 day simple moving average is $22.80. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

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.