Massachusetts Financial Services Co. MA Decreases Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Massachusetts Financial Services Co. MA reduced its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 26.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,072,934 shares of the company's stock after selling 380,070 shares during the period. Massachusetts Financial Services Co. MA owned about 0.58% of Allegro MicroSystems worth $23,454,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Allegro MicroSystems by 7.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 194,322 shares of the company's stock worth $4,528,000 after buying an additional 14,094 shares during the last quarter. Verition Fund Management LLC increased its stake in shares of Allegro MicroSystems by 34.6% during the 3rd quarter. Verition Fund Management LLC now owns 55,532 shares of the company's stock worth $1,294,000 after purchasing an additional 14,284 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Allegro MicroSystems by 42.1% during the 3rd quarter. Janus Henderson Group PLC now owns 51,229 shares of the company's stock worth $1,193,000 after purchasing an additional 15,172 shares during the last quarter. State Street Corp lifted its stake in 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 buying an additional 1,615,351 shares in the last quarter. Finally, Two Sigma Advisers LP grew its holdings in Allegro MicroSystems by 21.8% during the 3rd quarter. Two Sigma Advisers LP now owns 627,000 shares of the company's stock valued at $14,609,000 after buying an additional 112,400 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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Allegro MicroSystems Trading Up 1.9 %

ALGM stock traded up $0.41 during midday trading on Friday, reaching $22.23. 3,423,518 shares of the company's stock traded hands, compared to its average volume of 2,363,473. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems, Inc. has a fifty-two week low of $18.34 and a fifty-two week high of $33.26. The business has a 50-day moving average price of $24.92 and a two-hundred day moving average price of $23.04. The company has a market capitalization of $4.09 billion, a P/E ratio of -63.51 and a beta of 1.53.

Wall Street Analysts Forecast Growth

ALGM has been the topic of several recent research reports. Morgan Stanley upped 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. Barclays upped their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Mizuho boosted their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. Wells Fargo & Company raised their target price 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. Finally, Needham & Company LLC reissued a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus 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.