Invesco Ltd. Lowers Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Invesco Ltd. lowered its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 35.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,088,761 shares of the company's stock after selling 1,166,514 shares during the period. Invesco Ltd. owned about 1.13% of Allegro MicroSystems worth $45,660,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new stake in Allegro MicroSystems in the 4th quarter valued at $47,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth about $186,000. Bailard Inc. acquired a new position in Allegro MicroSystems in the 4th quarter valued at about $254,000. Keybank National Association OH raised its holdings in Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after acquiring an additional 1,522 shares during the period. Finally, Landscape Capital Management L.L.C. bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth approximately $313,000. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded down $1.25 during midday trading on Monday, hitting $16.81. The company's stock had a trading volume of 519,779 shares, compared to its average volume of 2,422,484. The stock has a fifty day moving average price of $24.43 and a 200 day moving average price of $22.93. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of -48.17 and a beta of 1.53. Allegro MicroSystems, Inc. has a one year low of $16.77 and a one year high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Wall Street Analyst Weigh In

ALGM has been the topic of a number of research reports. 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. Wells Fargo & Company increased their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Morgan Stanley lifted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. Barclays raised their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $30.00 price objective 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 assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.67.

About Allegro MicroSystems

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.