Freestone Grove Partners LP Takes $8.14 Million Position 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 the company in its most recent disclosure 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 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Barclays PLC increased its holdings in shares of Allegro MicroSystems by 88.1% during the 3rd quarter. Barclays PLC now owns 75,620 shares of the company's stock worth $1,761,000 after acquiring an additional 35,417 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Allegro MicroSystems during the 3rd quarter worth about $516,000. Retirement Systems of Alabama boosted its holdings in shares of Allegro MicroSystems by 77.9% during the third quarter. Retirement Systems of Alabama now owns 229,815 shares of the company's stock worth $5,355,000 after acquiring an additional 100,621 shares during the period. Principal Financial Group Inc. increased its stake in shares of Allegro MicroSystems by 14.1% during the third 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 period. Finally, JPMorgan Chase & Co. grew 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 valued at $256,851,000 after buying an additional 1,884,578 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ALGM. Morgan Stanley boosted their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. Mizuho increased 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. UBS Group dropped their price objective on Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Barclays decreased 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. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus price target of $28.56.

Allegro MicroSystems Trading Up 13.1 %

Shares of ALGM traded up $2.45 during mid-day trading on Thursday, reaching $21.14. 2,874,133 shares of the company were exchanged, compared to its average volume of 2,537,152. The business has a 50 day simple moving average of $22.75 and a two-hundred day simple moving average of $22.69. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $33.26. The stock has a market capitalization of $3.89 billion, a PE ratio of -60.22 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 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.