Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC boosted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 178.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,893 shares of the company’s stock after purchasing an additional 34,505 shares during the period. Hsbc Holdings PLC’s holdings in Allegro MicroSystems were worth $1,190,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at about $15,145,000. JPMorgan Chase & Co. raised its stake in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the period. Keybank National Association OH lifted 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 worth $257,000 after purchasing an additional 1,522 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Allegro MicroSystems by 25.7% during the 4th quarter. Victory Capital Management Inc. now owns 39,536 shares of the company’s stock valued at $864,000 after purchasing an additional 8,075 shares in the last quarter. Finally, Venturi Wealth Management LLC purchased a new stake in Allegro MicroSystems during the 4th quarter worth $47,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $19.55 on Friday. The stock has a market capitalization of $3.60 billion, a PE ratio of -55.86 and a beta of 1.53. The business’s fifty day moving average price is $22.96 and its 200 day moving average price is $22.72. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Mizuho increased their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. Barclays dropped their price target on shares of Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Finally, Wells Fargo & Company increased their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.56.

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.