Victory Capital Management Inc. Boosts Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Victory Capital Management Inc. boosted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 25.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 39,536 shares of the company’s stock after purchasing an additional 8,075 shares during the quarter. Victory Capital Management Inc.’s holdings in Allegro MicroSystems were worth $864,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Westfield Capital Management Co. LP raised its holdings in Allegro MicroSystems by 54.6% in the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock valued at $46,937,000 after buying an additional 711,185 shares during the period. JPMorgan Chase & Co. raised its stake 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 purchasing an additional 1,884,578 shares during the period. Keybank National Association OH raised its stake in shares of Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after purchasing an additional 1,522 shares during the period. Geode Capital Management LLC raised its stake in shares of Allegro MicroSystems by 86.5% during the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after purchasing an additional 1,187,792 shares during the period. Finally, Venturi Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems during the fourth quarter valued at approximately $47,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ALGM shares. Morgan Stanley lifted their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Barclays lifted their price objective 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 target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Wells Fargo & Company raised their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.70.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $26.84 on Friday. The company has a market cap of $4.94 billion, a PE ratio of -76.69 and a beta of 1.67. The company has a fifty day moving average price of $24.91 and a two-hundred day moving average price of $22.89. 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 12 month low of $18.59 and a 12 month high of $33.26.

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.