Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by Swiss National Bank

Swiss National Bank lifted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 7.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 253,200 shares of the company’s stock after purchasing an additional 18,200 shares during the period. Swiss National Bank’s holdings in Allegro MicroSystems were worth $5,535,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC increased its stake in Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after buying an additional 8,534,089 shares during the period. Wellington Management Group LLP purchased a new stake in shares of Allegro MicroSystems during the third quarter worth about $71,289,000. JPMorgan Chase & Co. lifted its stake in shares of Allegro MicroSystems by 20.6% in 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 in the last quarter. State Street Corp boosted its holdings in Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after purchasing an additional 1,615,351 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ALGM has been the subject of several research analyst reports. Barclays increased their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Morgan Stanley raised their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Wells Fargo & Company upped their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM opened at $26.57 on Monday. 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 firm’s 50-day moving average price is $24.98 and its two-hundred day moving average price is $22.90. Allegro MicroSystems, Inc. has a 52-week low of $18.59 and a 52-week high of $33.26. The stock has a market capitalization of $4.89 billion, a P/E ratio of -75.91 and a beta of 1.67.

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.