Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Fmr LLC

FMR LLC lowered its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 19.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,774,491 shares of the company's stock after selling 5,479,320 shares during the period. FMR LLC owned approximately 12.37% of Allegro MicroSystems worth $497,850,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ALGM. Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $47,000. Aster Capital Management DIFC Ltd bought a new stake in Allegro MicroSystems during the 4th quarter valued at $186,000. Bailard Inc. purchased a new position in Allegro MicroSystems in the fourth quarter worth $254,000. Keybank National Association OH raised its stake in Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after buying an additional 1,522 shares during the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new stake in Allegro MicroSystems during the 4th quarter valued at approximately $313,000. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Down 12.5 %

NASDAQ ALGM traded down $2.74 on Tuesday, hitting $19.27. 3,200,856 shares of the stock traded hands, compared to its average volume of 3,221,691. The company has a market capitalization of $3.55 billion, a P/E ratio of -55.05 and a beta of 1.53. The stock has a 50-day moving average of $24.87 and a 200 day moving average of $23.02. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a twelve month low of $18.34 and a twelve month high of $33.26.

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Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Needham & Company LLC reissued a "buy" rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th. Mizuho increased their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. Barclays increased their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company raised their price objective 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. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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.