Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by Wellington Management Group LLP

Wellington Management Group LLP raised its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 30.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,993,682 shares of the company’s stock after purchasing an additional 934,048 shares during the period. Wellington Management Group LLP owned 2.17% of Allegro MicroSystems worth $87,302,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ALGM. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems during the fourth quarter worth approximately $47,000. Intech Investment Management LLC acquired a new position in Allegro MicroSystems during the 3rd quarter worth $214,000. Bailard Inc. bought a new position in shares of Allegro MicroSystems in the fourth quarter worth $254,000. 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 valued at $257,000 after purchasing an additional 1,522 shares during the period. Finally, Avior Wealth Management LLC raised its stake 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 purchasing an additional 737 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Analysts Set New Price Targets

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

Allegro MicroSystems Trading Down 6.9 %

NASDAQ:ALGM opened at $21.32 on Friday. The stock has a fifty day simple moving average of $25.20 and a 200 day simple moving average of $23.12. The firm has a market capitalization of $3.93 billion, a price-to-earnings ratio of -60.91 and a beta of 1.53. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year 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.

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.