M&T Bank Corp Boosts Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

M&T Bank Corp grew its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 8.3% during the 4th quarter, HoldingsChannel reports. The fund owned 35,503 shares of the company’s stock after acquiring an additional 2,729 shares during the quarter. M&T Bank Corp’s holdings in Allegro MicroSystems were worth $776,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Victory Capital Management Inc. increased its stake in shares of Allegro MicroSystems by 25.7% in the fourth quarter. Victory Capital Management Inc. now owns 39,536 shares of the company’s stock worth $864,000 after buying an additional 8,075 shares during the period. Keybank National Association OH increased its stake 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 worth $257,000 after buying an additional 1,522 shares during the period. Bailard Inc. purchased a new position in shares of Allegro MicroSystems in the fourth quarter worth $254,000. Handelsbanken Fonder AB increased its stake in shares of Allegro MicroSystems by 96.8% in the fourth quarter. Handelsbanken Fonder AB now owns 36,400 shares of the company’s stock worth $796,000 after buying an additional 17,900 shares during the period. Finally, Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems in the fourth quarter worth $47,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Morgan Stanley lifted their target price 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. Barclays lifted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Finally, Wells Fargo & Company lifted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.70.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $24.94 on Thursday. The stock has a market cap of $4.59 billion, a P/E ratio of -71.26 and a beta of 1.67. The firm’s fifty day simple moving average is $24.55 and its 200 day simple moving average is $22.77. 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.

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.