Bank of New York Mellon Corp Lowers Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bank of New York Mellon Corp reduced its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 10.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,060,151 shares of the company’s stock after selling 121,430 shares during the quarter. Bank of New York Mellon Corp owned 0.58% of Allegro MicroSystems worth $23,175,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC grew 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 last quarter. JPMorgan Chase & Co. boosted its stake in shares of 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 in the last quarter. State Street Corp boosted its stake in shares of 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 in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Allegro MicroSystems in the third quarter valued at approximately $71,289,000. Finally, Geode Capital Management LLC boosted its stake in shares of Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after buying an additional 1,187,792 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on ALGM shares. Morgan Stanley lifted their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Wells Fargo & Company lifted 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. Needham & Company LLC restated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th. Loop Capital began coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target on the stock. Finally, Barclays lifted their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and a consensus price target of $30.70.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $27.71 on Monday. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The stock has a market cap of $5.10 billion, a PE ratio of -79.17 and a beta of 1.67. The stock has a fifty day moving average price of $24.34 and a 200 day moving average price of $22.75. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

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.