Raymond James Financial Inc. Purchases Shares of 692,835 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Raymond James Financial Inc. acquired a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 692,835 shares of the company’s stock, valued at approximately $15,145,000. Raymond James Financial Inc. owned about 0.38% of Allegro MicroSystems as of its most recent filing with the SEC.

Several other hedge funds have also recently made changes to their positions in ALGM. Venturi Wealth Management LLC bought a new stake in Allegro MicroSystems in the fourth quarter valued at $47,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Allegro MicroSystems in the 4th quarter worth about $186,000. Bailard Inc. bought a new stake in shares of Allegro MicroSystems during the 4th quarter valued at about $254,000. Keybank National Association OH increased its position in shares of Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after buying an additional 1,522 shares during the period. Finally, Landscape Capital Management L.L.C. bought a new position in Allegro MicroSystems in the fourth quarter worth about $313,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALGM has been the topic of a number of research analyst reports. Barclays upped their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Morgan Stanley lifted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. Needham & Company LLC reiterated a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Mizuho raised their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, March 24th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

Allegro MicroSystems Price Performance

ALGM opened at $16.53 on Tuesday. The company’s 50-day simple moving average is $24.27 and its two-hundred day simple moving average is $22.89. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $33.26. The stock has a market capitalization of $3.04 billion, a P/E ratio of -47.23 and a beta of 1.53. 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 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.