Norges Bank Invests $26.93 Million in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Norges Bank purchased a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,231,766 shares of the company’s stock, valued at approximately $26,926,000.

Several other large investors have also recently bought and sold shares of ALGM. Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems during the fourth quarter worth $47,000. Bailard Inc. acquired a new stake in Allegro MicroSystems in the 4th quarter worth about $254,000. Keybank National Association OH boosted its holdings in Allegro MicroSystems by 14.9% in 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 period. Avior Wealth Management LLC grew 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 worth $321,000 after purchasing an additional 737 shares in the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of Allegro MicroSystems by 49.4% during the third quarter. Toronto Dominion Bank now owns 15,832 shares of the company’s stock worth $369,000 after purchasing an additional 5,232 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Down 6.9 %

ALGM stock opened at $21.32 on Monday. The stock has a market capitalization of $3.93 billion, a P/E ratio of -60.91 and a beta of 1.53. 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 firm has a 50-day moving average price of $25.20 and a 200-day moving average price of $23.12. Allegro MicroSystems, Inc. has a 12 month low of $18.59 and a 12 month high of $33.26.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ALGM shares. Barclays increased their price target on 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 increased their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th. Wells Fargo & Company upped their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Finally, Mizuho raised their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, March 24th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.20.

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.