ArrowMark Colorado Holdings LLC Grows Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

ArrowMark Colorado Holdings LLC boosted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 7.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 267,249 shares of the company's stock after acquiring an additional 18,688 shares during the quarter. ArrowMark Colorado Holdings LLC owned 0.15% of Allegro MicroSystems worth $5,842,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGM. Barclays PLC boosted its position in shares of Allegro MicroSystems by 88.1% during the 3rd quarter. Barclays PLC now owns 75,620 shares of the company's stock valued at $1,761,000 after purchasing an additional 35,417 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Allegro MicroSystems in the third quarter worth approximately $516,000. Retirement Systems of Alabama lifted its stake in Allegro MicroSystems by 77.9% during the 3rd quarter. Retirement Systems of Alabama now owns 229,815 shares of the company's stock valued at $5,355,000 after acquiring an additional 100,621 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after acquiring an additional 308,943 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Allegro MicroSystems by 20.6% in 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. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Down 1.0 %

Allegro MicroSystems stock traded down $0.19 on Tuesday, hitting $18.96. 3,549,623 shares of the stock traded hands, compared to its average volume of 2,507,283. The business's fifty day simple moving average is $22.82 and its 200 day simple moving average is $22.72. The firm has a market cap of $3.49 billion, a P/E ratio of -54.17 and a beta of 1.57. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a 1 year low of $16.38 and a 1 year high of $33.26.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Morgan Stanley increased their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. Barclays reduced their price target 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. Mizuho lifted their price objective 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. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Finally, UBS Group lowered their price target on shares of Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.56.

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.