Sterling Capital Management LLC Increases Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Sterling Capital Management LLC raised its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 59.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,364 shares of the company’s stock after buying an additional 2,758 shares during the quarter. Sterling Capital Management LLC’s holdings in Allegro MicroSystems were worth $161,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Venturi Wealth Management LLC acquired a new stake in Allegro MicroSystems in the 4th quarter worth approximately $47,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Allegro MicroSystems in the fourth quarter worth $186,000. Bailard Inc. acquired a new stake in shares of Allegro MicroSystems during the fourth quarter worth $254,000. Keybank National Association OH grew its holdings 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 last quarter. Finally, Landscape Capital Management L.L.C. purchased a new position in Allegro MicroSystems in the 4th quarter worth $313,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ALGM shares. Needham & Company LLC reiterated a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th. Wells Fargo & Company raised their price target 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. Morgan Stanley increased their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Barclays boosted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Mizuho increased their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the stock 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 stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.67.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $16.53 on Tuesday. 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, Inc. has a twelve month low of $16.38 and a twelve month high of $33.26. The stock has a 50-day moving average of $24.27 and a 200 day moving average of $22.89. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of -47.23 and a beta of 1.53.

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.