New Age Alpha Advisors LLC Buys Shares of 120,623 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

New Age Alpha Advisors LLC purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 120,623 shares of the company’s stock, valued at approximately $2,637,000. New Age Alpha Advisors LLC owned about 0.07% of Allegro MicroSystems as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ALGM. Avior Wealth Management LLC raised its stake in Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after purchasing an additional 737 shares during the last quarter. Keybank National Association OH raised its position 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 valued at $257,000 after buying an additional 1,522 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems in the fourth quarter valued at about $47,000. Arizona State Retirement System grew its position in Allegro MicroSystems by 7.6% during the fourth quarter. Arizona State Retirement System now owns 37,293 shares of the company’s stock worth $815,000 after buying an additional 2,645 shares in the last quarter. Finally, M&T Bank Corp increased its stake in Allegro MicroSystems by 8.3% during the fourth quarter. M&T Bank Corp now owns 35,503 shares of the company’s stock valued at $776,000 after acquiring an additional 2,729 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $24.86 on Friday. The stock has a market capitalization of $4.58 billion, a P/E ratio of -71.03 and a beta of 1.67. 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. The firm has a 50 day moving average of $25.25 and a 200-day moving average of $23.05.

Analyst Ratings Changes

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

About Allegro MicroSystems

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.