Artisan Partners Limited Partnership Reduces Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Artisan Partners Limited Partnership reduced its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 5.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,429,250 shares of the company’s stock after selling 88,845 shares during the quarter. Artisan Partners Limited Partnership owned 0.78% of Allegro MicroSystems worth $31,243,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ALGM. Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems in the fourth quarter worth about $47,000. Intech Investment Management LLC purchased a new position in shares of Allegro MicroSystems during the third quarter worth approximately $214,000. Bailard Inc. bought a new position in Allegro MicroSystems in the fourth quarter worth approximately $254,000. Keybank National Association OH raised its position in Allegro MicroSystems by 14.9% during the 4th 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 in the last quarter. Finally, Avior Wealth Management LLC lifted its holdings in shares of Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after buying an additional 737 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 2.6 %

Shares of NASDAQ ALGM opened at $24.86 on Friday. 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 50-day moving average price of $25.25 and a 200 day moving average price of $23.04. Allegro MicroSystems, Inc. has a 52 week low of $18.59 and a 52 week high of $33.26. The stock has a market capitalization of $4.58 billion, a price-to-earnings ratio of -71.03 and a beta of 1.67.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ALGM. Mizuho boosted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, March 24th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Barclays raised 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. Morgan Stanley boosted 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 note on Monday, February 3rd. Finally, 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 research note on Monday, January 13th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.