Capital Research Global Investors Has $126.09 Million Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Capital Research Global Investors grew its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 6.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,768,208 shares of the company's stock after purchasing an additional 353,776 shares during the quarter. Capital Research Global Investors owned approximately 3.13% of Allegro MicroSystems worth $126,093,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings 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 during the period. Wellington Management Group LLP grew its holdings in Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after buying an additional 934,048 shares in the last quarter. Geode Capital Management LLC raised its stake in Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after acquiring an additional 1,187,792 shares in the last quarter. Principal Financial Group Inc. raised its stake 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 valued at $58,244,000 after acquiring an additional 308,943 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Allegro MicroSystems by 30.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,719,274 shares of the company's stock worth $37,582,000 after purchasing an additional 404,761 shares in the last quarter. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Trading Up 1.3 %

Shares of NASDAQ:ALGM traded up $0.25 during midday trading on Friday, reaching $19.12. The company had a trading volume of 2,105,238 shares, compared to its average volume of 2,474,798. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26. The company has a fifty day simple moving average of $23.66 and a two-hundred day simple moving average of $22.79. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of -54.63 and a beta of 1.53. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC restated a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Wells Fargo & Company upped their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, January 13th. Morgan Stanley raised their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. Barclays cut their target price on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a research report on Tuesday. Finally, Mizuho upped 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. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $29.78.

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.