Analog Century Management LP Has $43.75 Million Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Analog Century Management LP boosted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 17.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,001,438 shares of the company's stock after purchasing an additional 291,990 shares during the quarter. Allegro MicroSystems makes up approximately 2.9% of Analog Century Management LP's holdings, making the stock its 20th largest position. Analog Century Management LP owned approximately 1.09% of Allegro MicroSystems worth $43,751,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ALGM. Adage Capital Partners GP L.L.C. raised its stake in Allegro MicroSystems by 50.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock valued at $59,756,000 after acquiring an additional 911,993 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Allegro MicroSystems by 31.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,065,879 shares of the company's stock valued at $45,161,000 after purchasing an additional 491,173 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Allegro MicroSystems by 34.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 79,464 shares of the company's stock valued at $1,738,000 after buying an additional 20,336 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Allegro MicroSystems by 178.0% in the fourth quarter. Hsbc Holdings PLC now owns 53,893 shares of the company's stock worth $1,190,000 after buying an additional 34,505 shares during the period. Finally, State of Tennessee Department of Treasury boosted its holdings in shares of Allegro MicroSystems by 94.5% in the fourth quarter. State of Tennessee Department of Treasury now owns 93,365 shares of the company's stock worth $2,041,000 after buying an additional 45,365 shares during the period. Institutional investors and hedge funds own 56.45% of the company's stock.

Wall Street Analysts Forecast Growth

ALGM has been the subject of a number of research analyst reports. Mizuho increased their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. Wells Fargo & Company increased their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Morgan Stanley increased their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd. UBS Group cut their price objective 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems has a consensus rating of "Moderate Buy" and an average target price of $28.56.

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock traded down $0.49 during midday trading on Tuesday, hitting $18.74. The company had a trading volume of 773,694 shares, compared to its average volume of 2,470,656. The business's 50 day simple moving average is $23.49 and its two-hundred day simple moving average is $22.80. The stock has a market cap of $3.45 billion, a PE ratio of -53.45 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 1-year low of $16.38 and a 1-year high of $33.26.

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.