Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 1.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 256,867 shares of the company’s stock after purchasing an additional 2,798 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Allegro MicroSystems were worth $6,088,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new stake in shares of Allegro MicroSystems in the 3rd quarter worth approximately $71,289,000. JPMorgan Chase & Co. raised its stake in shares of Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after buying an additional 1,884,578 shares during the last quarter. State Street Corp boosted its position in shares of Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after buying an additional 1,615,351 shares in the last quarter. Geode Capital Management LLC grew its stake in Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after acquiring an additional 1,187,792 shares during the last quarter. Finally, Talos Asset Management LP purchased a new position in Allegro MicroSystems during the 4th quarter valued at about $16,245,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Trading Up 1.1 %

Shares of ALGM stock opened at $25.13 on Tuesday. The firm’s 50-day simple moving average is $25.26 and its 200-day simple moving average is $23.08. 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 1-year low of $18.59 and a 1-year high of $33.26. The firm has a market cap of $4.63 billion, a P/E ratio of -71.80 and a beta of 1.67.

Analyst Upgrades and Downgrades

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

Allegro MicroSystems 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.