Envestnet Asset Management Inc. Lowers Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Envestnet Asset Management Inc. reduced its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 11.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 76,787 shares of the company’s stock after selling 9,668 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Allegro MicroSystems were worth $1,679,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Venturi Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $47,000. Bailard Inc. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $254,000. Keybank National Association OH increased its position in shares of Allegro MicroSystems by 14.9% during the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after purchasing an additional 1,522 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $313,000. Finally, Avior Wealth Management LLC increased its position in shares of Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after purchasing an additional 737 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Up 0.6 %

Shares of NASDAQ ALGM opened at $19.23 on Tuesday. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $33.26. The business has a 50-day simple moving average of $23.49 and a two-hundred day simple moving average of $22.80. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The company has a market cap of $3.54 billion, a P/E ratio of -54.94 and a beta of 1.53.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ALGM shares. Morgan Stanley raised their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. Mizuho raised their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, March 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Wells Fargo & Company increased their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Finally, Barclays cut their price target on Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.78.

Allegro MicroSystems Company 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.