Bank of Montreal Can Decreases Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bank of Montreal Can lowered its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 30.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 14,405 shares of the company’s stock after selling 6,202 shares during the quarter. Bank of Montreal Can’s holdings in Allegro MicroSystems were worth $315,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at about $186,000. Landscape Capital Management L.L.C. purchased a new stake in Allegro MicroSystems during the 4th quarter valued at approximately $313,000. Bryce Point Capital LLC purchased a new stake in shares of Allegro MicroSystems during the fourth quarter worth approximately $1,446,000. Alliancebernstein L.P. raised its position in Allegro MicroSystems by 183.1% during the 4th quarter. Alliancebernstein L.P. now owns 528,173 shares of the company’s stock worth $11,546,000 after buying an additional 341,627 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Allegro MicroSystems by 30.5% during the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock worth $87,302,000 after purchasing an additional 934,048 shares in the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

Shares of ALGM stock opened at $17.52 on Thursday. The firm has a market cap of $3.23 billion, a P/E ratio of -50.06 and a beta of 1.53. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26. The firm has a fifty day moving average of $23.95 and a two-hundred day moving average of $22.81. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ALGM. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company increased their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Morgan Stanley upped their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Barclays lowered their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Mizuho lifted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, March 24th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $29.78.

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.