Alyeska Investment Group L.P. Decreases Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Alyeska Investment Group L.P. reduced its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 26.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 425,001 shares of the company’s stock after selling 150,000 shares during the quarter. Alyeska Investment Group L.P.’s holdings in Allegro MicroSystems were worth $9,291,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ALGM. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems in the 4th quarter worth $40,000. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems in the fourth quarter worth about $47,000. Quarry LP purchased a new position in Allegro MicroSystems in the fourth quarter valued at about $79,000. Sterling Capital Management LLC grew its stake in Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock valued at $161,000 after purchasing an additional 2,758 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Allegro MicroSystems during the 4th quarter worth approximately $186,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ALGM shares. Barclays decreased 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 report on Tuesday, April 22nd. Mizuho increased their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, March 24th. UBS Group lowered their price target on Allegro MicroSystems from $30.00 to $22.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. Needham & Company LLC reissued a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Morgan Stanley upped their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.56.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $19.15 on Tuesday. The company has a 50-day moving average price of $22.88 and a two-hundred day moving average price of $22.74. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $33.26. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of -54.71 and a beta of 1.57. 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 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.