Wealthfront Advisers LLC Acquires Shares of 133,518 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Wealthfront Advisers LLC bought a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 133,518 shares of the company’s stock, valued at approximately $2,919,000. Wealthfront Advisers LLC owned approximately 0.07% of Allegro MicroSystems at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ALGM. Avior Wealth Management LLC lifted its holdings in shares of Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after acquiring an additional 737 shares during the period. Prosperity Financial Group Inc. lifted its holdings in Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after purchasing an additional 784 shares during the last quarter. KBC Group NV grew its stake in Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after buying an additional 1,042 shares during the last quarter. Keybank National Association OH increased its holdings in shares of Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock worth $257,000 after buying an additional 1,522 shares in the last quarter. Finally, Natixis Advisors LLC increased its holdings in shares of Allegro MicroSystems by 5.7% during the third quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock worth $700,000 after buying an additional 1,625 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Up 5.2 %

Shares of ALGM stock opened at $26.24 on Friday. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The firm has a fifty day moving average of $24.61 and a 200-day moving average of $22.80. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of -74.97 and a beta of 1.67.

Analyst Upgrades and Downgrades

ALGM has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Wells Fargo & Company increased their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Barclays boosted their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Morgan Stanley lifted 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. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $30.70.

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.