Alliancebernstein L.P. Boosts Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Alliancebernstein L.P. grew its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 183.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 528,173 shares of the company’s stock after acquiring an additional 341,627 shares during the quarter. Alliancebernstein L.P. owned about 0.29% of Allegro MicroSystems worth $11,546,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in 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 during the period. State Street Corp boosted its position in Allegro MicroSystems by 41.7% during the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after acquiring an additional 1,615,351 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock valued at $87,302,000 after buying an additional 934,048 shares during the period. Geode Capital Management LLC lifted its holdings in shares of 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 buying an additional 1,187,792 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings 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 during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ALGM shares. Morgan Stanley boosted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Needham & Company LLC reiterated a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th. Barclays upped their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, Mizuho increased their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and a consensus target price of $31.20.

Allegro MicroSystems Price Performance

NASDAQ:ALGM opened at $23.23 on Thursday. The stock’s 50-day simple moving average is $24.98 and its 200 day simple moving average is $23.05. The company has a market cap of $4.28 billion, a P/E ratio of -66.37 and a beta of 1.53. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. Allegro MicroSystems, Inc. has a 52-week low of $18.34 and a 52-week high of $33.26.

Allegro MicroSystems Company 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.