Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans reduced its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 15.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 30,736 shares of the company’s stock after selling 5,780 shares during the period. Thrivent Financial for Lutherans’ holdings in Allegro MicroSystems were worth $672,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of ALGM. Swiss National Bank raised its position in shares of Allegro MicroSystems by 7.7% during the 4th quarter. Swiss National Bank now owns 253,200 shares of the company’s stock worth $5,535,000 after buying an additional 18,200 shares in the last quarter. Wealthfront Advisers LLC bought a new stake in Allegro MicroSystems during the fourth quarter worth approximately $2,919,000. Raymond James Financial Inc. acquired a new stake in Allegro MicroSystems in the fourth quarter worth approximately $15,145,000. Arizona State Retirement System boosted its stake in Allegro MicroSystems by 7.6% during the 4th quarter. Arizona State Retirement System now owns 37,293 shares of the company’s stock valued at $815,000 after purchasing an additional 2,645 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of Allegro MicroSystems by 8.3% during the 4th quarter. M&T Bank Corp now owns 35,503 shares of the company’s stock valued at $776,000 after purchasing an additional 2,729 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ALGM shares. Needham & Company LLC restated a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Barclays upped their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Mizuho raised their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, March 24th. Finally, Morgan Stanley upped their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.20.

Allegro MicroSystems Trading Down 1.0 %

Allegro MicroSystems stock opened at $25.91 on Thursday. The company has a 50 day moving average price of $25.30 and a 200 day moving average price of $23.13. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. Allegro MicroSystems, Inc. has a 52 week low of $18.59 and a 52 week high of $33.26. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of -74.03 and a beta of 1.67.

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.