Sei Investments Co. Sells 7,160 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Sei Investments Co. decreased its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 373,395 shares of the company’s stock after selling 7,160 shares during the period. Sei Investments Co. owned 0.20% of Allegro MicroSystems worth $8,162,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALGM. Avior Wealth Management LLC raised its holdings in shares of 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 purchasing an additional 737 shares during the period. Keybank National Association OH raised its stake in shares of Allegro MicroSystems by 14.9% in the fourth 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. Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at $47,000. Arizona State Retirement System grew its stake in shares of Allegro MicroSystems by 7.6% during the 4th quarter. Arizona State Retirement System now owns 37,293 shares of the company’s stock worth $815,000 after acquiring an additional 2,645 shares during the period. Finally, M&T Bank Corp increased its holdings in Allegro MicroSystems by 8.3% in the 4th quarter. M&T Bank Corp now owns 35,503 shares of the company’s stock worth $776,000 after acquiring an additional 2,729 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Barclays increased 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 lifted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, March 24th. Finally, Morgan Stanley increased their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.20.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $24.86 on Monday. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. 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 $4.58 billion, a PE ratio of -71.03 and a beta of 1.67. The stock has a 50-day moving average price of $25.25 and a 200-day moving average price of $23.06.

About Allegro MicroSystems

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.