Concentric Capital Strategies LP Takes $955,000 Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Concentric Capital Strategies LP bought a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 43,703 shares of the company's stock, valued at approximately $955,000.

A number of other institutional investors and hedge funds also recently modified their holdings of ALGM. Avior Wealth Management LLC increased its stake in Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after purchasing an additional 737 shares in the last quarter. Keybank National Association OH increased its position in shares of Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after acquiring an additional 1,522 shares in the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Allegro MicroSystems by 10.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company's stock valued at $386,000 after acquiring an additional 1,687 shares during the period. TD Waterhouse Canada Inc. purchased a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $40,000. Finally, Venturi Wealth Management LLC acquired a new position in Allegro MicroSystems in the 4th quarter worth approximately $47,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $18.69 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The firm has a market cap of $3.44 billion, a PE ratio of -53.40 and a beta of 1.57. The firm's 50 day moving average price is $22.75 and its 200 day moving average price is $22.69. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $33.26.

Wall Street Analyst Weigh In

Several analysts have issued reports on ALGM shares. Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Barclays reduced their price objective on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. UBS Group lowered their target price on Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Mizuho increased their price target 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. Finally, Needham & Company LLC restated a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $28.56.

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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