Legal & General Group Plc Sells 19,344 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Legal & General Group Plc cut its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 9.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 189,403 shares of the company's stock after selling 19,344 shares during the quarter. Legal & General Group Plc owned 0.10% of Allegro MicroSystems worth $4,140,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ALGM. Barclays PLC raised its holdings in shares of Allegro MicroSystems by 88.1% during the third quarter. Barclays PLC now owns 75,620 shares of the company's stock valued at $1,761,000 after buying an additional 35,417 shares during the last quarter. Virtu Financial LLC bought a new position in Allegro MicroSystems during the third quarter valued at about $516,000. Retirement Systems of Alabama grew its holdings in Allegro MicroSystems by 77.9% during the third quarter. Retirement Systems of Alabama now owns 229,815 shares of the company's stock worth $5,355,000 after acquiring an additional 100,621 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after acquiring an additional 308,943 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings 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 worth $256,851,000 after buying an additional 1,884,578 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Up 7.7 %

Shares of NASDAQ:ALGM traded up $1.35 on Thursday, reaching $18.87. The company had a trading volume of 3,039,400 shares, compared to its average volume of 2,469,733. The stock has a market capitalization of $3.47 billion, a P/E ratio of -53.91 and a beta of 1.53. The stock has a 50-day moving average price of $23.95 and a 200 day moving average price of $22.81. Allegro MicroSystems, Inc. has a twelve month low of $16.38 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.

Analyst Upgrades and Downgrades

ALGM has been the subject of a number of research analyst reports. Mizuho raised their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. Barclays cut their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a research report on Tuesday. Wells Fargo & Company boosted their price target 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. Needham & Company LLC reiterated a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, 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 report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and a consensus target price of $29.78.

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.