Barclays PLC Acquires 80,705 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Barclays PLC increased its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 106.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 156,325 shares of the company's stock after acquiring an additional 80,705 shares during the quarter. Barclays PLC owned about 0.08% of Allegro MicroSystems worth $3,417,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ALGM. Sterling Capital Management LLC boosted its position in shares of Allegro MicroSystems by 59.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock worth $161,000 after purchasing an additional 2,758 shares in the last quarter. Raymond James Financial Inc. bought a new position in Allegro MicroSystems during the fourth quarter worth about $15,145,000. Aster Capital Management DIFC Ltd acquired a new position in Allegro MicroSystems in the fourth quarter valued at about $186,000. Landscape Capital Management L.L.C. acquired a new position in Allegro MicroSystems in the fourth quarter valued at about $313,000. Finally, Bryce Point Capital LLC bought a new stake in shares of Allegro MicroSystems in the fourth quarter worth about $1,446,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Stock Up 3.8 %

Shares of Allegro MicroSystems stock traded up $0.72 during trading hours on Friday, reaching $19.55. 2,117,099 shares of the company's stock were exchanged, compared to its average volume of 2,494,762. The stock has a market cap of $3.60 billion, a P/E ratio of -55.86 and a beta of 1.53. The company has a 50 day moving average of $22.96 and a two-hundred day moving average of $22.74. 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 fifty-two week low of $16.38 and a fifty-two week high of $33.26.

Wall Street Analysts Forecast Growth

ALGM has been the subject of several research analyst reports. Morgan Stanley boosted their price objective 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. Needham & Company LLC reissued a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Barclays cut their price objective on shares of Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Wells Fargo & Company increased their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Finally, Mizuho lifted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research note 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's stock. Based on data from MarketBeat, Allegro MicroSystems presently has an average rating of "Moderate Buy" and an average price target 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.