Comerica Bank Acquires 69,104 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Comerica Bank increased its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 11.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 649,735 shares of the company's stock after purchasing an additional 69,104 shares during the quarter. Comerica Bank owned approximately 0.35% of Allegro MicroSystems worth $14,203,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems during the fourth quarter worth $40,000. Venturi Wealth Management LLC bought a new position in shares of Allegro MicroSystems during the fourth quarter worth approximately $47,000. Quarry LP bought a new stake in shares of Allegro MicroSystems in the fourth quarter valued at about $79,000. Sterling Capital Management LLC boosted its holdings in Allegro MicroSystems by 59.9% in the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock valued at $161,000 after purchasing an additional 2,758 shares during the period. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Allegro MicroSystems in the fourth quarter worth $186,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Morgan Stanley boosted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd. Barclays decreased 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. UBS Group cut 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. Wells Fargo & Company raised their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Finally, Mizuho upped their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $28.56.

Allegro MicroSystems Stock Performance

ALGM stock traded down $0.21 during mid-day trading on Wednesday, hitting $18.75. The company had a trading volume of 1,807,159 shares, compared to its average volume of 2,504,946. The stock's fifty day moving average price is $22.82 and its two-hundred day moving average price is $22.72. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $33.26. The firm has a market cap of $3.45 billion, a PE ratio of -53.48 and a beta of 1.57. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

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.