Federated Hermes Inc. Decreases Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Federated Hermes Inc. lessened its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 98.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,064 shares of the company's stock after selling 1,003,052 shares during the quarter. Federated Hermes Inc.'s holdings in Allegro MicroSystems were worth $307,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in 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 buying an additional 1,884,578 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after acquiring an additional 934,048 shares during the period. Geode Capital Management LLC grew its position in shares of Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of 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 purchasing an additional 308,943 shares during the period. Finally, Norges Bank purchased a new stake in Allegro MicroSystems during the 4th quarter worth about $26,926,000. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

Shares of ALGM traded up $1.22 during midday trading on Wednesday, reaching $17.99. The stock had a trading volume of 751,931 shares, compared to its average volume of 3,365,347. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of -51.40 and a beta of 1.53. 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 12-month low of $16.38 and a 12-month high of $33.26. The company's 50-day moving average is $24.11 and its 200 day moving average is $22.85.

Analysts Set New Price Targets

ALGM has been the topic of several analyst reports. Barclays decreased their price target on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating on the stock in a research report on Tuesday. Morgan Stanley raised their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Mizuho increased their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. Wells Fargo & Company boosted 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, Needham & Company LLC restated a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $29.78.

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.