Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stake Increased by Wellington Management Group LLP

Wellington Management Group LLP increased its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 30.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,993,682 shares of the company’s stock after buying an additional 934,048 shares during the quarter. Wellington Management Group LLP’s holdings in Allegro MicroSystems were worth $87,302,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Venturi Wealth Management LLC purchased a new position in Allegro MicroSystems during the 4th quarter valued at about $47,000. Intech Investment Management LLC acquired a new stake in shares of Allegro MicroSystems during the third quarter worth approximately $214,000. Bailard Inc. purchased a new position in Allegro MicroSystems during the fourth quarter valued at approximately $254,000. Keybank National Association OH increased its stake in Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after buying an additional 1,522 shares during the period. Finally, Avior Wealth Management LLC lifted its position in Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after buying an additional 737 shares in the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

Shares of Allegro MicroSystems stock opened at $21.32 on Friday. The firm has a fifty day moving average price of $25.20 and a two-hundred day moving average price of $23.12. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two 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 company has a market cap of $3.93 billion, a PE ratio of -60.91 and a beta of 1.53.

Wall Street Analyst Weigh In

ALGM has been the topic of several research analyst reports. Morgan Stanley boosted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Barclays upped their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Mizuho raised their price target on 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 boosted their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.20.

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.