Paloma Partners Management Co Buys 1,594,170 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Paloma Partners Management Co raised its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 312.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,103,800 shares of the company's stock after purchasing an additional 1,594,170 shares during the quarter. Allegro MicroSystems accounts for approximately 2.1% of Paloma Partners Management Co's holdings, making the stock its 7th biggest holding. Paloma Partners Management Co owned approximately 1.14% of Allegro MicroSystems worth $45,989,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. TD Waterhouse Canada Inc. purchased a new stake in shares of Allegro MicroSystems in the fourth quarter worth approximately $40,000. Venturi Wealth Management LLC purchased a new stake in Allegro MicroSystems in the fourth quarter worth $47,000. Quarry LP bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $79,000. Sterling Capital Management LLC boosted its stake in shares of Allegro MicroSystems by 59.9% during the fourth 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 during the period. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Allegro MicroSystems in the fourth quarter worth about $186,000. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Up 3.8 %

Shares of ALGM stock traded up $0.72 during mid-day trading on Friday, hitting $19.55. 2,117,099 shares of the stock traded hands, compared to its average volume of 2,494,762. The stock's fifty day moving average is $22.96 and its two-hundred day moving average is $22.74. The stock has a market cap of $3.60 billion, a P/E ratio of -55.86 and a beta of 1.53. 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 52-week low of $16.38 and a 52-week high of $33.26.

Analysts Set New Price Targets

A number of equities analysts have commented on ALGM shares. UBS Group dropped their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Barclays decreased their target price on 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 Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and an average target price 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.