692,835 Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 692,835 shares of the company’s stock, valued at approximately $15,145,000. Raymond James Financial Inc. owned 0.38% of Allegro MicroSystems at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new position in Allegro MicroSystems in the fourth quarter worth about $47,000. KBC Group NV raised its holdings in Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares in the last quarter. Intech Investment Management LLC bought a new position in Allegro MicroSystems in the third quarter worth about $214,000. Prosperity Financial Group Inc. raised its holdings in Allegro MicroSystems by 7.9% in the third quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after purchasing an additional 784 shares in the last quarter. Finally, Bailard Inc. bought a new position in Allegro MicroSystems in the fourth quarter worth about $254,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $26.90 on Wednesday. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. The company’s 50 day moving average is $24.77 and its 200 day moving average is $22.83. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The company has a market cap of $4.95 billion, a PE ratio of -76.86 and a beta of 1.67.

Wall Street Analysts Forecast Growth

ALGM has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Barclays boosted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Morgan Stanley upped their price objective 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. Finally, Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.70.

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.