Lightrock Netherlands B.V. Makes New $4.47 Million Investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Lightrock Netherlands B.V. purchased a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 203,433 shares of the company's stock, valued at approximately $4,469,000. Lightrock Netherlands B.V. owned about 0.11% of Allegro MicroSystems as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ALGM. FMR LLC boosted its holdings in Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company's stock valued at $658,314,000 after purchasing an additional 8,534,089 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after purchasing an additional 1,884,578 shares during the period. State Street Corp increased its holdings in shares of Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company's stock valued at $127,831,000 after purchasing an additional 1,615,351 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Allegro MicroSystems in the third quarter valued at about $71,289,000. Finally, Geode Capital Management LLC grew its position in Allegro MicroSystems by 86.5% during the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock worth $59,699,000 after buying an additional 1,187,792 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ALGM. Barclays upped their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price target for the company. Needham & Company LLC reissued a "buy" rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Friday, January 31st. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. Finally, Wells Fargo & Company increased their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, January 13th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $30.70.

Allegro MicroSystems Stock Up 4.8 %

Shares of ALGM traded up $1.12 during midday trading on Tuesday, reaching $24.49. 2,009,441 shares of the company were exchanged, compared to its average volume of 2,538,094. The stock has a 50-day moving average price of $22.93 and a 200-day moving average price of $22.48. The company has a market cap of $4.51 billion, a price-to-earnings ratio of -69.97 and a beta of 1.66. 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 1-year low of $18.59 and a 1-year high of $33.26.

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares of the company's stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is owned by corporate insiders.

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.