Allspring Global Investments Holdings LLC Sells 895 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Allspring Global Investments Holdings LLC decreased its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,585 shares of the company’s stock after selling 895 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Allegro MicroSystems were worth $515,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Avior Wealth Management LLC lifted its holdings in Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after buying an additional 737 shares during the period. Prosperity Financial Group Inc. increased its position in shares of Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after acquiring an additional 784 shares during the period. KBC Group NV grew its position in Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the period. Natixis Advisors LLC grew its position in Allegro MicroSystems by 5.7% during the 3rd quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock worth $700,000 after purchasing an additional 1,625 shares during the period. Finally, Aurora Investment Counsel grew its position in shares of Allegro MicroSystems by 8.6% during the 3rd quarter. Aurora Investment Counsel now owns 60,806 shares of the company’s stock valued at $1,417,000 after acquiring an additional 4,801 shares during the period. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Down 6.0 %

Shares of Allegro MicroSystems stock opened at $25.01 on Tuesday. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. 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 stock has a market cap of $4.60 billion, a PE ratio of -71.46 and a beta of 1.66. The company has a 50-day moving average of $23.79 and a two-hundred day moving average of $22.70.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ALGM. Morgan Stanley raised 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 note on Monday, February 3rd. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price on the stock. Barclays boosted their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday. Finally, Wells Fargo & Company increased their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

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.