Pier Capital LLC Buys 120,326 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Pier Capital LLC grew its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 37.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 442,821 shares of the company’s stock after purchasing an additional 120,326 shares during the quarter. Allegro MicroSystems makes up about 1.4% of Pier Capital LLC’s portfolio, making the stock its 16th largest position. Pier Capital LLC’s holdings in Allegro MicroSystems were worth $9,680,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. FMR LLC lifted its stake in shares of Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after purchasing an additional 8,534,089 shares during the period. JPMorgan Chase & Co. lifted its stake in Allegro MicroSystems by 20.6% in the third 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 period. State Street Corp lifted its stake in Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after buying an additional 1,615,351 shares during the period. Wellington Management Group LLP bought a new position in shares of Allegro MicroSystems during the 3rd quarter worth approximately $71,289,000. Finally, Geode Capital Management LLC grew its position in shares of Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after buying an additional 1,187,792 shares during the period. Institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Morgan Stanley increased their target price 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. Barclays lifted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Mizuho lifted their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday. Wells Fargo & Company upped their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.20.

Allegro MicroSystems Stock Up 2.3 %

ALGM opened at $27.19 on Tuesday. The company’s 50-day moving average price is $25.06 and its two-hundred day moving average price is $22.93. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. The stock has a market cap of $5.01 billion, a price-to-earnings ratio of -77.69 and a beta of 1.67.

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.