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:ALGMFree Report) 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.

Check Out Our Latest Research Report on Allegro MicroSystems

Allegro MicroSystems Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Allegro MicroSystems (NASDAQ:ALGM)

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