Venturi Wealth Management LLC Invests $47,000 in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Venturi Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,172 shares of the company’s stock, valued at approximately $47,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ALGM. FMR LLC increased its stake in Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after buying an additional 8,534,089 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after acquiring an additional 1,884,578 shares during the period. State Street Corp raised its holdings in Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after purchasing an additional 1,615,351 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Allegro MicroSystems in the third quarter worth approximately $71,289,000. Finally, Geode Capital Management LLC boosted its stake in 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 in the last quarter. 56.45% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ALGM has been the topic of several research reports. Loop Capital assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target on the stock. Morgan Stanley increased their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Barclays lifted their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Wells Fargo & Company increased their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Finally, Needham & Company LLC restated a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.70.

Allegro MicroSystems Stock Down 6.1 %

NASDAQ:ALGM opened at $23.49 on Wednesday. The business’s fifty day moving average price is $23.82 and its 200 day moving average price is $22.71. The firm has a market capitalization of $4.33 billion, a price-to-earnings ratio of -67.11 and a beta of 1.66. 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 1-year low of $18.59 and a 1-year high of $33.26.

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.