LPL Financial LLC Cuts Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

LPL Financial LLC reduced its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 14.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,499 shares of the company’s stock after selling 6,630 shares during the period. LPL Financial LLC’s holdings in Allegro MicroSystems were worth $863,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. increased its position 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 worth $256,851,000 after acquiring an additional 1,884,578 shares during the period. Talos Asset Management LP acquired a new position in Allegro MicroSystems during the 4th quarter worth $16,245,000. Raymond James Financial Inc. purchased a new stake in Allegro MicroSystems during the 4th quarter worth about $15,145,000. Principal Financial Group Inc. raised its position in Allegro MicroSystems by 14.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after purchasing an additional 308,943 shares in the last quarter. Finally, Lightrock Netherlands B.V. purchased a new position in shares of Allegro MicroSystems in the 4th quarter valued at about $4,469,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Down 8.5 %

ALGM stock opened at $16.53 on Tuesday. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $33.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The company has a market cap of $3.04 billion, a price-to-earnings ratio of -47.23 and a beta of 1.53. The company has a fifty day moving average price of $24.27 and a 200 day moving average price of $22.89.

Analyst Ratings Changes

A number of analysts recently weighed in on ALGM shares. Wells Fargo & Company upped their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Barclays increased their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Mizuho upped their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, March 24th. Finally, Morgan Stanley boosted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Allegro MicroSystems presently has an average rating of “Moderate Buy” and a consensus price target of $30.67.

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.