Marshall Wace LLP Buys New Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Marshall Wace LLP bought a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 62,737 shares of the company's stock, valued at approximately $1,371,000.

Several other hedge funds have also recently modified their holdings of the stock. Avior Wealth Management LLC lifted its position in Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after buying an additional 737 shares in the last quarter. Keybank National Association OH increased its stake in shares of Allegro MicroSystems by 14.9% in the 4th 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 during the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of Allegro MicroSystems by 10.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company's stock worth $386,000 after acquiring an additional 1,687 shares during the period. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter valued at about $47,000. Finally, Arizona State Retirement System grew its holdings in shares of Allegro MicroSystems by 7.6% in the fourth quarter. Arizona State Retirement System now owns 37,293 shares of the company's stock valued at $815,000 after purchasing an additional 2,645 shares during the period. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Trading Up 3.8 %

ALGM traded up $0.72 during mid-day trading on Friday, hitting $19.55. 2,117,099 shares of the stock were exchanged, compared to its average volume of 2,494,762. The firm's fifty day moving average is $22.96 and its two-hundred day moving average is $22.75. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26. The company has a market cap of $3.60 billion, a PE ratio of -55.86 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.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ALGM. Barclays reduced their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. UBS Group lowered their price objective on Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Mizuho raised their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. Morgan Stanley upped their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. Finally, Wells Fargo & Company raised their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Allegro MicroSystems presently has a consensus 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.