Loomis Sayles & Co. L P Acquires 89,356 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Loomis Sayles & Co. L P increased its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 11.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 873,467 shares of the company's stock after buying an additional 89,356 shares during the period. Loomis Sayles & Co. L P owned about 0.47% of Allegro MicroSystems worth $19,094,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Allegro MicroSystems by 1.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 256,867 shares of the company's stock worth $6,088,000 after acquiring an additional 2,798 shares in the last quarter. Pier Capital LLC increased its holdings in Allegro MicroSystems by 37.3% in the fourth quarter. Pier Capital LLC now owns 442,821 shares of the company's stock valued at $9,680,000 after buying an additional 120,326 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Allegro MicroSystems during the fourth quarter valued at approximately $603,000. Talos Asset Management LP bought a new stake in Allegro MicroSystems in the fourth quarter valued at $16,245,000. Finally, Swiss National Bank boosted its holdings in shares of Allegro MicroSystems by 7.7% during the fourth quarter. Swiss National Bank now owns 253,200 shares of the company's stock valued at $5,535,000 after acquiring an additional 18,200 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

NASDAQ ALGM traded up $0.11 during trading on Wednesday, reaching $26.29. 846,052 shares of the company traded hands, compared to its average volume of 2,276,784. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The stock's 50 day moving average price is $25.28 and its two-hundred day moving average price is $23.11. The company has a market cap of $4.84 billion, a price-to-earnings ratio of -75.13 and a beta of 1.67.

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Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ALGM. Barclays boosted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Morgan Stanley raised their target price 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. Needham & Company LLC reiterated a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Mizuho lifted their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, March 24th. Finally, Wells Fargo & Company lifted 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. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target 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.