27,600 Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 27,600 shares of the company's stock, valued at approximately $603,000.

Several other large investors have also recently bought and sold shares of ALGM. Thrivent Financial for Lutherans raised its stake in shares of Allegro MicroSystems by 111.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 36,516 shares of the company's stock worth $851,000 after purchasing an additional 19,251 shares in the last quarter. Intech Investment Management LLC acquired a new position in Allegro MicroSystems during the third quarter worth $214,000. Charles Schwab Investment Management Inc. increased its holdings in Allegro MicroSystems by 101.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,366,308 shares of the company's stock worth $31,835,000 after buying an additional 688,539 shares during the last quarter. MetLife Investment Management LLC raised its position in Allegro MicroSystems by 111.6% during the third quarter. MetLife Investment Management LLC now owns 79,763 shares of the company's stock worth $1,858,000 after acquiring an additional 42,068 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Allegro MicroSystems by 58.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,292 shares of the company's stock valued at $729,000 after acquiring an additional 11,556 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

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Allegro MicroSystems Stock Performance

Shares of ALGM traded down $0.26 during midday trading on Monday, reaching $21.06. 3,337,479 shares of the stock were exchanged, compared to its average volume of 2,316,103. The stock's 50 day simple moving average is $25.16 and its 200 day simple moving average is $23.10. The company has a market cap of $3.88 billion, a P/E ratio of -60.17 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 quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ALGM shares. Morgan Stanley upped their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Wells Fargo & Company boosted 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. Mizuho raised their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. Barclays boosted 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently 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.