Swiss National Bank Buys 3,600 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Swiss National Bank lifted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) by 2.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 161,700 shares of the company’s stock after acquiring an additional 3,600 shares during the quarter. Swiss National Bank owned 0.08% of Allegro MicroSystems worth $4,854,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ALGM. CWM LLC increased its position in Allegro MicroSystems by 21.8% in the fourth quarter. CWM LLC now owns 1,863 shares of the company’s stock worth $56,000 after buying an additional 333 shares during the last quarter. Royal Bank of Canada boosted its stake in Allegro MicroSystems by 4.4% during the third quarter. Royal Bank of Canada now owns 8,947 shares of the company’s stock valued at $195,000 after buying an additional 376 shares during the period. Summit Global Investments boosted its stake in Allegro MicroSystems by 1.5% during the fourth quarter. Summit Global Investments now owns 27,611 shares of the company’s stock valued at $829,000 after buying an additional 411 shares during the period. Assetmark Inc. boosted its stake in Allegro MicroSystems by 27.1% during the third quarter. Assetmark Inc. now owns 2,381 shares of the company’s stock valued at $52,000 after buying an additional 507 shares during the period. Finally, Signaturefd LLC lifted its stake in Allegro MicroSystems by 39.3% during the fourth quarter. Signaturefd LLC now owns 1,902 shares of the company’s stock worth $57,000 after purchasing an additional 537 shares during the last quarter. 46.89% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Trading Up 0.3 %

NASDAQ:ALGM opened at $38.96 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.03 and a quick ratio of 3.11. The firm has a market capitalization of $7.46 billion, a price-to-earnings ratio of 40.58 and a beta of 1.69. Allegro MicroSystems, Inc. has a one year low of $19.20 and a one year high of $48.72. The business has a fifty day moving average price of $42.35 and a 200-day moving average price of $37.28.

Analyst Ratings Changes

Several brokerages have issued reports on ALGM. Barclays lifted their price target on Allegro MicroSystems from $44.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 14th. Wells Fargo & Company lifted their price objective on Allegro MicroSystems from $43.00 to $52.00 in a report on Thursday, March 9th. Mizuho lifted their price objective on Allegro MicroSystems from $48.00 to $50.00 in a report on Friday, May 12th. Needham & Company LLC boosted their price target on Allegro MicroSystems from $42.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, March 15th. Finally, TheStreet downgraded Allegro MicroSystems from a “b-” rating to a “c+” rating in a report on Thursday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $48.33.

About Allegro MicroSystems

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Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.