New Age Alpha Advisors LLC Invests $2.64 Million in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

New Age Alpha Advisors LLC purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 120,623 shares of the company's stock, valued at approximately $2,637,000. New Age Alpha Advisors LLC owned approximately 0.07% of Allegro MicroSystems as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted 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 acquiring an additional 1,884,578 shares in the last quarter. State Street Corp boosted its position in Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company's stock worth $127,831,000 after purchasing an additional 1,615,351 shares in the last quarter. Wellington Management Group LLP purchased a new position in Allegro MicroSystems during the third quarter worth approximately $71,289,000. Geode Capital Management LLC grew its holdings in Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after purchasing an additional 1,187,792 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock valued at $58,244,000 after buying an additional 308,943 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company's stock.

Remove Ads

Allegro MicroSystems Trading Down 10.7 %

Allegro MicroSystems stock traded down $2.76 during trading on Thursday, reaching $23.15. 803,095 shares of the company were exchanged, compared to its average volume of 2,284,003. The stock's 50 day simple moving average is $25.30 and its two-hundred day simple moving average is $23.13. The company has a market capitalization of $4.26 billion, a P/E ratio of -66.14 and a beta of 1.67. 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 52-week low of $18.59 and a 52-week high of $33.26.

Wall Street Analysts Forecast Growth

ALGM has been the topic of a number of research analyst reports. Mizuho boosted 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 boosted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Wells Fargo & Company raised their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note 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 research note on Monday, February 24th. Finally, Morgan Stanley increased their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems has an average rating of "Moderate Buy" and an average target price of $31.20.

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.