Pier Capital LLC Has $9.68 Million Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Pier Capital LLC lifted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 37.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 442,821 shares of the company’s stock after acquiring an additional 120,326 shares during the quarter. Allegro MicroSystems makes up approximately 1.4% of Pier Capital LLC’s investment portfolio, making the stock its 16th largest position. Pier Capital LLC owned approximately 0.24% of Allegro MicroSystems worth $9,680,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. FMR LLC increased its position in shares of Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after purchasing an additional 8,534,089 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Allegro MicroSystems in the third quarter valued at $71,289,000. JPMorgan Chase & Co. increased its holdings in Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after buying an additional 1,884,578 shares during the last quarter. State Street Corp raised its position 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 acquiring an additional 1,615,351 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after acquiring an additional 1,187,792 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $27.19 on Tuesday. The stock has a market cap of $5.01 billion, a PE ratio of -77.69 and a beta of 1.67. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two week high of $33.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The firm’s fifty day moving average price is $25.06 and its two-hundred day moving average price is $22.93.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ALGM shares. Mizuho upped their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday. 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. Morgan Stanley raised their price objective 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. Wells Fargo & Company lifted their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.20.

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.