Wealthfront Advisers LLC purchased a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 133,518 shares of the company's stock, valued at approximately $2,919,000. Wealthfront Advisers LLC owned approximately 0.07% of Allegro MicroSystems as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in the stock. Westfield Capital Management Co. LP lifted its holdings in shares of Allegro MicroSystems by 54.6% in the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company's stock valued at $46,937,000 after purchasing an additional 711,185 shares in the last quarter. JPMorgan Chase & Co. raised its position in Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after buying an additional 1,884,578 shares during the last quarter. Keybank National Association OH lifted its stake in Allegro MicroSystems by 14.9% during the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after acquiring an additional 1,522 shares in the last quarter. Geode Capital Management LLC lifted its stake in Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after acquiring an additional 1,187,792 shares in the last quarter. Finally, Venturi Wealth Management LLC purchased a new position in Allegro MicroSystems during the 4th quarter worth $47,000. Institutional investors and hedge funds own 56.45% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the stock. Barclays increased 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. Needham & Company LLC reissued a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, January 13th. Finally, Morgan Stanley lifted their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Allegro MicroSystems currently has an average rating of "Moderate Buy" and an average price target of $30.70.
Read Our Latest Analysis on Allegro MicroSystems
Allegro MicroSystems Stock Performance
Shares of ALGM traded up $0.16 during mid-day trading on Monday, hitting $26.94. The stock had a trading volume of 2,130,649 shares, compared to its average volume of 2,181,239. Allegro MicroSystems, Inc. has a 52 week low of $18.59 and a 52 week high of $33.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The business has a fifty day moving average price of $24.68 and a 200-day moving average price of $22.79. The firm has a market cap of $4.96 billion, a P/E ratio of -76.97 and a beta of 1.67.
Allegro MicroSystems Profile
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Free Report)
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.
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