Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Purchased by Capital Research Global Investors

Capital Research Global Investors raised its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 6.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,768,208 shares of the company’s stock after purchasing an additional 353,776 shares during the quarter. Capital Research Global Investors’ holdings in Allegro MicroSystems were worth $126,093,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in ALGM. Barclays PLC grew its position in Allegro MicroSystems by 88.1% during the third quarter. Barclays PLC now owns 75,620 shares of the company’s stock valued at $1,761,000 after acquiring an additional 35,417 shares during the period. Geode Capital Management LLC grew its holdings in shares of Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares during the period. Virtu Financial LLC acquired a new stake in Allegro MicroSystems during the 3rd quarter worth approximately $516,000. Retirement Systems of Alabama raised its holdings in Allegro MicroSystems by 77.9% in the third quarter. Retirement Systems of Alabama now owns 229,815 shares of the company’s stock valued at $5,355,000 after buying an additional 100,621 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Allegro MicroSystems by 14.1% during the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after buying an additional 308,943 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on ALGM. Morgan Stanley increased 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. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Barclays boosted their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Mizuho increased 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. Finally, Wells Fargo & Company boosted their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $30.67.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $18.06 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems, Inc. has a 12 month low of $17.74 and a 12 month high of $33.26. The company has a fifty day moving average price of $24.43 and a two-hundred day moving average price of $22.93. The company has a market cap of $3.33 billion, a PE ratio of -51.60 and a beta of 1.53.

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.