Artisan Partners Limited Partnership Decreases Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Artisan Partners Limited Partnership trimmed its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 5.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,429,250 shares of the company’s stock after selling 88,845 shares during the period. Artisan Partners Limited Partnership’s holdings in Allegro MicroSystems were worth $31,243,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Allegro MicroSystems by 1.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 256,867 shares of the company’s stock valued at $6,088,000 after acquiring an additional 2,798 shares in the last quarter. Pier Capital LLC increased its position in shares of Allegro MicroSystems by 37.3% in the 4th quarter. Pier Capital LLC now owns 442,821 shares of the company’s stock worth $9,680,000 after purchasing an additional 120,326 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Allegro MicroSystems during the fourth quarter worth about $603,000. Talos Asset Management LP bought a new position in shares of Allegro MicroSystems during the fourth quarter worth about $16,245,000. Finally, Swiss National Bank increased its holdings in Allegro MicroSystems by 7.7% in the fourth quarter. Swiss National Bank now owns 253,200 shares of the company’s stock valued at $5,535,000 after buying an additional 18,200 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analysts Set New Price Targets

ALGM has been the topic of several research analyst reports. Barclays raised their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note 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, February 24th. Mizuho increased their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. Morgan Stanley increased their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company boosted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research 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, the stock has an average rating of “Moderate Buy” and an average price target of $31.20.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $24.86 on Friday. 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 1 year low of $18.59 and a 1 year high of $33.26. The company has a market cap of $4.58 billion, a PE ratio of -71.03 and a beta of 1.67. The stock’s 50-day moving average price is $25.25 and its two-hundred day moving average price is $23.04.

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.