Comerica Bank Boosts Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Comerica Bank raised its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 11.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 649,735 shares of the company's stock after buying an additional 69,104 shares during the quarter. Comerica Bank owned about 0.35% of Allegro MicroSystems worth $14,203,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. TD Waterhouse Canada Inc. purchased a new stake in Allegro MicroSystems during the fourth quarter valued at approximately $40,000. Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter worth $47,000. Quarry LP purchased a new position in Allegro MicroSystems during the 4th quarter worth $79,000. Sterling Capital Management LLC increased its position in Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock valued at $161,000 after buying an additional 2,758 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Allegro MicroSystems in the fourth quarter valued at about $186,000. 56.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company raised their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Barclays cut their target price on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Mizuho lifted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. Finally, Morgan Stanley increased their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Allegro MicroSystems presently has an average rating of "Moderate Buy" and an average price target of $28.56.

Allegro MicroSystems Trading Down 1.3 %

Shares of NASDAQ:ALGM opened at $18.83 on Friday. The company has a market capitalization of $3.47 billion, a PE ratio of -53.80 and a beta of 1.53. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26. The business has a 50 day moving average of $23.04 and a two-hundred day moving average of $22.73. 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 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.

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