Van ECK Associates Corp Boosts Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Van ECK Associates Corp boosted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 202.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,298 shares of the company’s stock after acquiring an additional 14,922 shares during the period. Van ECK Associates Corp’s holdings in Allegro MicroSystems were worth $487,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ALGM. FMR LLC lifted its holdings in shares of Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after purchasing an additional 8,534,089 shares during the last quarter. Wellington Management Group LLP acquired a new position in Allegro MicroSystems during the third quarter worth approximately $71,289,000. JPMorgan Chase & Co. lifted its stake in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after buying an additional 1,884,578 shares during the last quarter. State Street Corp boosted its holdings in shares of Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after acquiring an additional 1,615,351 shares during the period. Finally, Geode Capital Management LLC grew its position 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 worth $59,699,000 after acquiring an additional 1,187,792 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Loop Capital initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Friday, January 31st. Morgan Stanley raised their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Barclays upped their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company lifted their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $30.70.

Allegro MicroSystems Stock Down 3.6 %

Allegro MicroSystems stock opened at $26.61 on Friday. The stock’s 50 day moving average price is $23.74 and its 200 day moving average price is $22.67. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The company has a market cap of $4.90 billion, a PE ratio of -76.03 and a beta of 1.66. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

About Allegro MicroSystems

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.