Allegro MicroSystems, Inc. (NASDAQ:ALGM) Position Raised by Keybank National Association OH

Keybank National Association OH lifted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 14.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,760 shares of the company’s stock after purchasing an additional 1,522 shares during the quarter. Keybank National Association OH’s holdings in Allegro MicroSystems were worth $257,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. FMR LLC raised its stake in shares of Allegro MicroSystems by 43.3% during the third 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 in the last quarter. JPMorgan Chase & Co. raised 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 purchasing an additional 1,884,578 shares in the last quarter. State Street Corp raised its stake in shares of Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after purchasing an additional 1,615,351 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Allegro MicroSystems during the third quarter valued at about $71,289,000. Finally, Geode Capital Management LLC raised its stake in shares of Allegro MicroSystems by 86.5% during the third 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

A number of equities research analysts recently weighed in on the stock. Loop Capital began coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective on the stock. Barclays boosted 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. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Morgan Stanley boosted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company boosted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Trading Up 0.2 %

Shares of ALGM opened at $25.47 on Wednesday. The business’s 50-day moving average price is $24.48 and its 200 day moving average price is $22.76. The stock has a market capitalization of $4.69 billion, a P/E ratio of -72.77 and a beta of 1.67. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year 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.

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.