Allegro MicroSystems, Inc. (NASDAQ:ALGM) is Paloma Partners Management Co's 7th Largest Position

Paloma Partners Management Co increased its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 312.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,103,800 shares of the company's stock after purchasing an additional 1,594,170 shares during the quarter. Allegro MicroSystems makes up approximately 2.1% of Paloma Partners Management Co's holdings, making the stock its 7th largest holding. Paloma Partners Management Co owned 1.14% of Allegro MicroSystems worth $45,989,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its position in Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after purchasing an additional 1,884,578 shares in the last quarter. Capital Research Global Investors boosted its stake in Allegro MicroSystems by 6.5% in the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock worth $126,093,000 after buying an additional 353,776 shares during the last quarter. Wellington Management Group LLP boosted its stake in Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after buying an additional 934,048 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Allegro MicroSystems by 50.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock worth $59,756,000 after buying an additional 911,993 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Allegro MicroSystems by 14.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after buying an additional 308,943 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ALGM shares. Morgan Stanley raised their price target on 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 reduced their price objective on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Mizuho lifted their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, March 24th. Finally, Wells Fargo & Company lifted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $29.78.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $19.23 on Tuesday. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -54.94 and a beta of 1.53. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The business's 50 day moving average is $23.49 and its two-hundred day moving average is $22.80. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $33.26.

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.

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