New Age Alpha Advisors LLC Makes New $2.64 Million Investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

New Age Alpha Advisors LLC bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 120,623 shares of the company’s stock, valued at approximately $2,637,000.

Several other institutional investors also recently modified their holdings of ALGM. Venturi Wealth Management LLC bought a new position in Allegro MicroSystems in the fourth quarter valued at approximately $47,000. Intech Investment Management LLC bought a new position in shares of Allegro MicroSystems in the 3rd quarter worth $214,000. Bailard Inc. acquired a new stake in shares of Allegro MicroSystems during the fourth quarter worth $254,000. Keybank National Association OH increased its holdings in Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after purchasing an additional 1,522 shares during the last quarter. Finally, Avior Wealth Management LLC lifted its stake in Allegro MicroSystems by 5.3% in the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after buying an additional 737 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

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

Allegro MicroSystems Stock Performance

ALGM opened at $24.86 on Friday. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of -71.03 and a beta of 1.67. The business’s 50-day moving average price is $25.25 and its two-hundred day moving average price is $23.05. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year 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.

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.