KLP Kapitalforvaltning AS Invests $603,000 in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

KLP Kapitalforvaltning AS acquired a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 27,600 shares of the company’s stock, valued at approximately $603,000.

Other large investors also recently bought and sold shares of the company. Thrivent Financial for Lutherans increased its holdings in Allegro MicroSystems by 111.5% during the third quarter. Thrivent Financial for Lutherans now owns 36,516 shares of the company’s stock valued at $851,000 after buying an additional 19,251 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Allegro MicroSystems during the 3rd quarter valued at $214,000. Charles Schwab Investment Management Inc. increased its stake in shares of Allegro MicroSystems by 101.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,366,308 shares of the company’s stock worth $31,835,000 after purchasing an additional 688,539 shares in the last quarter. MetLife Investment Management LLC raised its holdings in Allegro MicroSystems by 111.6% in the 3rd quarter. MetLife Investment Management LLC now owns 79,763 shares of the company’s stock worth $1,858,000 after purchasing an additional 42,068 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Allegro MicroSystems by 58.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,292 shares of the company’s stock valued at $729,000 after purchasing an additional 11,556 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on ALGM shares. Mizuho boosted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Wells Fargo & Company boosted their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Barclays raised their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Morgan Stanley increased their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.20.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $25.91 on Thursday. The business has a 50 day moving average price of $25.30 and a 200 day moving average price of $23.13. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The company has a market capitalization of $4.77 billion, a P/E ratio of -74.03 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.

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.