Aviva PLC Sells 36,526 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Aviva PLC reduced its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) by 52.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 32,767 shares of the company’s stock after selling 36,526 shares during the period. Aviva PLC’s holdings in Allegro MicroSystems were worth $984,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC raised its stake in shares of Allegro MicroSystems by 21.8% in the fourth quarter. CWM LLC now owns 1,863 shares of the company’s stock valued at $56,000 after acquiring an additional 333 shares during the last quarter. Treasurer of the State of North Carolina boosted its stake in Allegro MicroSystems by 1.3% in the fourth quarter. Treasurer of the State of North Carolina now owns 28,767 shares of the company’s stock worth $864,000 after purchasing an additional 360 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Allegro MicroSystems by 4.4% during the third quarter. Royal Bank of Canada now owns 8,947 shares of the company’s stock worth $195,000 after purchasing an additional 376 shares during the last quarter. Summit Global Investments increased its stake in shares of Allegro MicroSystems by 1.5% in 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 in the last quarter. Finally, Assetmark Inc. increased its stake in shares of Allegro MicroSystems by 27.1% in 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 in the last quarter. 46.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ALGM shares. Wells Fargo & Company upped their target price on shares of Allegro MicroSystems from $43.00 to $52.00 in a research report on Thursday, March 9th. Barclays upped their price objective on Allegro MicroSystems from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, March 14th. TheStreet cut Allegro MicroSystems from a “b-” rating to a “c+” rating in a research note on Thursday. Cowen upped their price target on Allegro MicroSystems to $44.00 in a research note on Thursday, February 2nd. Finally, Cowen boosted their price objective on Allegro MicroSystems from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, February 1st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $48.33.

Allegro MicroSystems Trading Up 0.3 %

NASDAQ:ALGM opened at $38.96 on Friday. 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 1-year low of $19.20 and a 1-year high of $48.72. The business’s 50-day moving average price is $42.35 and its two-hundred day moving average price is $37.36. The company has a current ratio of 4.03, a quick ratio of 3.11 and a debt-to-equity ratio of 0.03.

Allegro MicroSystems Company Profile

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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.