US Bancorp DE Reduces Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

US Bancorp DE decreased its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 50.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,460 shares of the company’s stock after selling 2,509 shares during the period. US Bancorp DE’s holdings in Allegro MicroSystems were worth $54,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Venturi Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems during the fourth quarter worth about $47,000. KBC Group NV boosted its position in Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after buying an additional 1,042 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Allegro MicroSystems in the third quarter valued at approximately $214,000. Prosperity Financial Group Inc. boosted its position in Allegro MicroSystems by 7.9% in the third quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after buying an additional 784 shares during the last quarter. Finally, Avior Wealth Management LLC boosted its position in Allegro MicroSystems by 51.2% in the third quarter. Avior Wealth Management LLC now owns 13,954 shares of the company’s stock valued at $325,000 after buying an additional 4,728 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on ALGM. Barclays upped their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Morgan Stanley upped 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. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average target price of $30.70.

Allegro MicroSystems Trading Down 0.1 %

Shares of NASDAQ:ALGM opened at $26.90 on Wednesday. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The company has a market capitalization of $4.95 billion, a PE ratio of -76.86 and a beta of 1.67. The business has a 50 day moving average of $24.77 and a two-hundred day moving average of $22.83. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

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.