Mirae Asset Global Investments Co. Ltd. Lowers Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Mirae Asset Global Investments Co. Ltd. lowered its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 4.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,698 shares of the company’s stock after selling 1,125 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Allegro MicroSystems were worth $506,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its position in Allegro MicroSystems by 14.5% during the fourth quarter. Pacer Advisors Inc. now owns 59,366 shares of the company’s stock valued at $1,298,000 after buying an additional 7,514 shares during the period. KBC Group NV lifted its position in Allegro MicroSystems by 522.1% during the fourth quarter. KBC Group NV now owns 22,335 shares of the company’s stock valued at $488,000 after buying an additional 18,745 shares during the period. Avior Wealth Management LLC increased its holdings 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 in the last quarter. Oak Thistle LLC bought a new position in shares of Allegro MicroSystems during the fourth quarter valued at $649,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after acquiring an additional 1,884,578 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 0.2 %

ALGM stock opened at $24.43 on Thursday. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. 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 stock has a market cap of $4.50 billion, a P/E ratio of -69.80 and a beta of 1.66. The business’s 50-day moving average price is $23.05 and its 200-day moving average price is $22.50.

Insider Activity

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ALGM. 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. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Barclays lifted their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Friday, January 31st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.70.

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.