Clearbridge Investments LLC Cuts Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Clearbridge Investments LLC reduced its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 13.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,384,997 shares of the company's stock after selling 547,074 shares during the quarter. Clearbridge Investments LLC owned about 1.84% of Allegro MicroSystems worth $73,996,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP acquired a new stake in Allegro MicroSystems in the third quarter valued at $71,289,000. JPMorgan Chase & Co. lifted its stake in shares of Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the period. State Street Corp boosted its holdings in Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company's stock worth $127,831,000 after buying an additional 1,615,351 shares in the last quarter. Norges Bank acquired a new position in Allegro MicroSystems during the fourth quarter worth about $26,926,000. Finally, Geode Capital Management LLC increased its holdings in Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after buying an additional 1,187,792 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Trading Down 6.9 %

Shares of Allegro MicroSystems stock traded down $1.57 during mid-day trading on Friday, hitting $21.32. 3,981,019 shares of the stock were exchanged, compared to its average volume of 2,312,010. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of -60.91 and a beta of 1.53. Allegro MicroSystems, Inc. has a twelve month low of $18.59 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 $25.20 and a 200 day simple moving average of $23.12.

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Wall Street Analyst Weigh In

Several brokerages have recently commented on ALGM. Mizuho boosted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. 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. Morgan Stanley raised their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. Wells Fargo & Company boosted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Finally, Barclays raised their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and an average price target of $31.20.

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.