Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Free Report) by 9.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 178,522 shares of the company’s stock after purchasing an additional 14,940 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned 0.09% of Allegro MicroSystems worth $5,404,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Allegro MicroSystems by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 7,400,125 shares of the company’s stock worth $224,002,000 after purchasing an additional 38,187 shares during the last quarter. Pineridge Advisors LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth about $49,000. Aurora Investment Counsel acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth about $1,730,000. Analog Century Management LP raised its position in shares of Allegro MicroSystems by 74.7% during the 4th quarter. Analog Century Management LP now owns 408,127 shares of the company’s stock worth $12,354,000 after purchasing an additional 174,459 shares during the last quarter. Finally, S Squared Technology LLC raised its position in shares of Allegro MicroSystems by 8.9% during the 4th quarter. S Squared Technology LLC now owns 307,451 shares of the company’s stock worth $9,307,000 after purchasing an additional 25,000 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.
Allegro MicroSystems Stock Up 0.7 %
Shares of NASDAQ ALGM opened at $28.21 on Tuesday. The company has a 50 day simple moving average of $28.86 and a 200-day simple moving average of $28.82. The company has a market capitalization of $5.47 billion, a P/E ratio of 36.17 and a beta of 1.70. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.85 and a quick ratio of 3.48. Allegro MicroSystems, Inc. has a 1 year low of $23.64 and a 1 year high of $53.05.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the stock. Barclays reduced their price target on shares of Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Evercore ISI initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective for the company. TD Cowen increased their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Needham & Company LLC cut their price objective on shares of Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating for the company in a report on Friday, May 10th. Finally, Mizuho cut their price objective on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a report on Friday, May 10th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.44.
Read Our Latest Research Report on ALGM
Insider Transactions at Allegro MicroSystems
In other news, Director Richard R. Lury sold 8,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $30.00, for a total transaction of $255,000.00. Following the completion of the sale, the director now owns 23,001 shares in the company, valued at approximately $690,030. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 9.70% of the company’s stock.
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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.
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