Pier Capital LLC Has $9.68 Million Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Pier Capital LLC boosted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 37.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 442,821 shares of the company's stock after purchasing an additional 120,326 shares during the period. Allegro MicroSystems accounts for approximately 1.4% of Pier Capital LLC's portfolio, making the stock its 16th biggest position. Pier Capital LLC owned about 0.24% of Allegro MicroSystems worth $9,680,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. KLP Kapitalforvaltning AS acquired a new position in Allegro MicroSystems in the fourth quarter worth approximately $603,000. Talos Asset Management LP acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth $16,245,000. Swiss National Bank raised its holdings in shares of Allegro MicroSystems by 7.7% during the 4th quarter. Swiss National Bank now owns 253,200 shares of the company's stock valued at $5,535,000 after purchasing an additional 18,200 shares in the last quarter. Wealthfront Advisers LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $2,919,000. Finally, Raymond James Financial Inc. bought a new stake in Allegro MicroSystems in the fourth quarter worth $15,145,000. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock traded down $0.67 during mid-day trading on Friday, reaching $24.86. The company had a trading volume of 3,039,202 shares, compared to its average volume of 2,260,350. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of -71.03 and a beta of 1.67. The company has a 50 day moving average of $25.25 and a 200-day moving average of $23.05. Allegro MicroSystems, Inc. has a 52 week low of $18.59 and a 52 week high of $33.26.

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Wall Street Analyst Weigh In

Several research firms have weighed in on ALGM. Needham & Company LLC reaffirmed a "buy" rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Mizuho upped their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. Wells Fargo & Company lifted 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. Morgan Stanley upped their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. Finally, Barclays lifted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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.