Hsbc Holdings PLC Boosts Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Hsbc Holdings PLC grew its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 178.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 53,893 shares of the company's stock after purchasing an additional 34,505 shares during the quarter. 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 have also recently modified their holdings of the business. Barclays PLC increased its holdings in shares of Allegro MicroSystems by 88.1% in the 3rd quarter. Barclays PLC now owns 75,620 shares of the company's stock valued at $1,761,000 after acquiring an additional 35,417 shares during the period. Virtu Financial LLC bought a new position in Allegro MicroSystems in the third quarter worth about $516,000. Retirement Systems of Alabama boosted its holdings in shares of Allegro MicroSystems by 77.9% in the 3rd quarter. Retirement Systems of Alabama now owns 229,815 shares of the company's stock valued at $5,355,000 after buying an additional 100,621 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Allegro MicroSystems by 14.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock valued at $58,244,000 after buying an additional 308,943 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of 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 acquiring an additional 1,884,578 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ALGM shares. Needham & Company LLC reiterated a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Morgan Stanley boosted 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 decreased their price objective 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. 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 report on Tuesday, April 29th. Finally, Mizuho raised their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $28.56.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM traded up $1.62 during trading on Thursday, reaching $20.31. The stock had a trading volume of 2,051,529 shares, compared to its average volume of 2,533,892. The business has a fifty day moving average price of $22.75 and a 200-day moving average price of $22.69. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The stock has a market cap of $3.74 billion, a PE ratio of -58.03 and a beta of 1.57.

About Allegro MicroSystems

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.