Securian Asset Management Inc. Sells 2,211 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Securian Asset Management Inc. reduced its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 18.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,875 shares of the company’s stock after selling 2,211 shares during the quarter. Securian Asset Management Inc.’s holdings in Allegro MicroSystems were worth $216,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Venturi Wealth Management LLC bought a new position in Allegro MicroSystems in the 4th quarter worth $47,000. KBC Group NV raised its holdings in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the period. Intech Investment Management LLC bought a new position in Allegro MicroSystems in the 3rd quarter worth $214,000. Prosperity Financial Group Inc. raised its holdings in Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after purchasing an additional 784 shares during the period. Finally, Bailard Inc. bought a new position in Allegro MicroSystems in the 4th quarter worth $254,000. 56.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ALGM has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Morgan Stanley raised their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Needham & Company LLC reissued a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, 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. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Trading Down 0.1 %

Shares of Allegro MicroSystems stock opened at $26.90 on Wednesday. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of -76.86 and a beta of 1.67. The business has a 50-day moving average price of $24.77 and a 200-day moving average price of $22.83. 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, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26.

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.