Allspring Global Investments Holdings LLC Has $515,000 Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Allspring Global Investments Holdings LLC cut its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 3.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,585 shares of the company’s stock after selling 895 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Allegro MicroSystems were worth $515,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP grew its holdings in Allegro MicroSystems by 54.6% during the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after buying an additional 711,185 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Allegro MicroSystems by 20.6% in 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 last quarter. Geode Capital Management LLC increased 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 valued at $59,699,000 after purchasing an additional 1,187,792 shares during the last quarter. Wellington Management Group LLP bought a new position in Allegro MicroSystems during the 3rd quarter worth approximately $71,289,000. Finally, Pier Capital LLC bought a new position in Allegro MicroSystems during the 3rd quarter worth approximately $7,514,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

NASDAQ:ALGM opened at $25.01 on Tuesday. The business’s 50-day moving average is $23.79 and its 200 day moving average is $22.70. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a market capitalization of $4.60 billion, a P/E ratio of -71.46 and a beta of 1.66.

Analysts Set New Price Targets

Several research firms have weighed in on ALGM. Loop Capital assumed coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective for the company. 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday. Barclays lifted their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Morgan Stanley lifted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.70.

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.