Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by Alliancebernstein L.P.

Alliancebernstein L.P. boosted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 183.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 528,173 shares of the company's stock after buying an additional 341,627 shares during the quarter. Alliancebernstein L.P. owned 0.29% of Allegro MicroSystems worth $11,546,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Allegro MicroSystems by 7.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 194,322 shares of the company's stock valued at $4,528,000 after purchasing an additional 14,094 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Allegro MicroSystems by 42.1% during the 3rd quarter. Janus Henderson Group PLC now owns 51,229 shares of the company's stock valued at $1,193,000 after buying an additional 15,172 shares during the last quarter. State Street Corp grew its position in shares of Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company's stock worth $127,831,000 after buying an additional 1,615,351 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Allegro MicroSystems in the third quarter worth $71,289,000. Finally, Public Employees Retirement System of Ohio raised its holdings in Allegro MicroSystems by 55.6% in the third quarter. Public Employees Retirement System of Ohio now owns 44,936 shares of the company's stock valued at $1,047,000 after acquiring an additional 16,064 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ALGM shares. Barclays raised their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Mizuho boosted their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, March 24th. Morgan Stanley upped their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Wells Fargo & Company raised their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, January 13th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, Allegro MicroSystems currently has an average rating of "Moderate Buy" and an average target price of $31.20.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM traded down $2.36 during mid-day trading on Tuesday, hitting $19.65. The stock had a trading volume of 2,269,349 shares, compared to its average volume of 2,367,232. Allegro MicroSystems, Inc. has a 52 week low of $18.34 and a 52 week high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of -55.85 and a beta of 1.53. The company has a 50 day simple moving average of $24.87 and a 200-day simple moving average of $23.02.

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.