Amalgamated Bank Sells 10,602 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Amalgamated Bank trimmed its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 14.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,797 shares of the company’s stock after selling 10,602 shares during the quarter. Amalgamated Bank’s holdings in Allegro MicroSystems were worth $1,351,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Avior Wealth Management LLC lifted its holdings in shares of Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after purchasing an additional 737 shares during the period. Prosperity Financial Group Inc. lifted its holdings in Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after buying an additional 784 shares during the period. KBC Group NV lifted its holdings in Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after buying an additional 1,042 shares during the period. Natixis Advisors LLC grew its position in shares of Allegro MicroSystems by 5.7% in the 3rd quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock valued at $700,000 after buying an additional 1,625 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at about $47,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on ALGM shares. Wells Fargo & Company lifted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Needham & Company LLC restated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Barclays increased their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Morgan Stanley lifted their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Finally, Loop Capital assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.70.

Allegro MicroSystems Trading Up 14.9 %

NASDAQ:ALGM opened at $25.62 on Tuesday. Allegro MicroSystems, Inc. has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of -73.20 and a beta of 1.66. The firm has a fifty day simple moving average of $23.96 and a two-hundred day simple moving average of $22.70.

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.