Invesco Ltd. Sells 1,166,514 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Invesco Ltd. lessened its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 35.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,088,761 shares of the company’s stock after selling 1,166,514 shares during the period. Invesco Ltd. owned 1.13% of Allegro MicroSystems worth $45,660,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in shares of Allegro MicroSystems by 20.6% during the third 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. Norges Bank purchased a new position in Allegro MicroSystems during the 4th quarter worth $26,926,000. Geode Capital Management LLC raised its position 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 purchasing an additional 1,187,792 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock worth $87,302,000 after buying an additional 934,048 shares during the period. Finally, Talos Asset Management LP bought a new position in shares of Allegro MicroSystems during the 4th quarter worth $16,245,000. Institutional investors own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ALGM shares. 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 research note on Monday, February 3rd. 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. Mizuho boosted their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Wells Fargo & Company increased their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Finally, Barclays boosted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.20.

Allegro MicroSystems Trading Down 9.7 %

Allegro MicroSystems stock opened at $19.88 on Wednesday. Allegro MicroSystems, Inc. has a one year low of $18.34 and a one year high of $33.26. The stock has a market cap of $3.66 billion, a PE ratio of -56.80 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. The stock has a 50-day moving average of $24.77 and a two-hundred day moving average of $23.00.

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.