JPMorgan Chase & Co. Decreases Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

JPMorgan Chase & Co. lessened its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 4.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 10,531,507 shares of the company’s stock after selling 492,121 shares during the quarter. JPMorgan Chase & Co. owned 0.06% of Allegro MicroSystems worth $230,219,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter worth approximately $47,000. Intech Investment Management LLC purchased a new position in Allegro MicroSystems during the third quarter worth $214,000. Bailard Inc. acquired a new position in shares of Allegro MicroSystems in the fourth quarter worth $254,000. Keybank National Association OH lifted its position in shares of Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after acquiring an additional 1,522 shares in the last quarter. Finally, Avior Wealth Management LLC boosted 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 acquiring an additional 737 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ALGM shares. Barclays boosted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Mizuho lifted their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Wells Fargo & Company increased their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Finally, Morgan Stanley increased their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.20.

Allegro MicroSystems Trading Up 1.1 %

Shares of ALGM stock opened at $25.13 on Tuesday. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two week high of $33.26. The firm’s 50 day moving average price is $25.26 and its two-hundred day moving average price is $23.08. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of -71.80 and a beta of 1.67. 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.