First Trust Advisors LP Has $17.45 Million Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

First Trust Advisors LP reduced its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 24.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 798,051 shares of the company's stock after selling 258,637 shares during the period. First Trust Advisors LP owned approximately 0.43% of Allegro MicroSystems worth $17,445,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Marshall Wace LLP bought a new position in shares of Allegro MicroSystems in the 4th quarter worth $1,371,000. Barclays PLC increased its stake in shares of Allegro MicroSystems by 106.7% in the 4th quarter. Barclays PLC now owns 156,325 shares of the company's stock valued at $3,417,000 after acquiring an additional 80,705 shares during the last quarter. Sterling Capital Management LLC boosted 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 worth $161,000 after acquiring an additional 2,758 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Allegro MicroSystems during the fourth quarter valued at approximately $15,145,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Allegro MicroSystems in the fourth quarter valued at approximately $186,000. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Up 5.2 %

Shares of NASDAQ:ALGM traded up $0.97 during midday trading on Friday, reaching $19.80. The company had a trading volume of 646,293 shares, compared to its average volume of 3,287,578. The stock has a market cap of $3.65 billion, a PE ratio of -56.64 and a beta of 1.53. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26. The business's 50 day moving average price is $23.04 and its 200 day moving average price is $22.73. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ALGM shares. Wells Fargo & Company boosted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, January 13th. Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Barclays lowered their target price on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Mizuho upped their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, March 24th. Finally, UBS Group dropped their price objective on shares of Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating on the stock in a report on Tuesday. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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.