Freestone Grove Partners LP Makes New $8.14 Million Investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Freestone Grove Partners LP bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 372,491 shares of the company's stock, valued at approximately $8,143,000. Freestone Grove Partners LP owned approximately 0.20% of Allegro MicroSystems as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Barclays PLC raised its position in Allegro MicroSystems by 88.1% in the 3rd quarter. Barclays PLC now owns 75,620 shares of the company's stock worth $1,761,000 after purchasing an additional 35,417 shares during the last quarter. Virtu Financial LLC acquired a new stake in Allegro MicroSystems in the third quarter worth about $516,000. Retirement Systems of Alabama increased its position in Allegro MicroSystems by 77.9% in the third quarter. Retirement Systems of Alabama now owns 229,815 shares of the company's stock worth $5,355,000 after purchasing an additional 100,621 shares during the period. Principal Financial Group Inc. raised its holdings 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 worth $58,244,000 after purchasing an additional 308,943 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Trading Up 3.8 %

NASDAQ ALGM opened at $19.55 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The stock's 50-day moving average is $22.96 and its 200-day moving average is $22.72. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $33.26. The firm has a market cap of $3.60 billion, a P/E ratio of -55.86 and a beta of 1.53.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ALGM shares. Barclays cut their price objective on shares of Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. UBS Group decreased their price objective on Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating for the company in a research note on Tuesday. 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. Morgan Stanley raised their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research note on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target 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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