Marshall Wace LLP Purchases New Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Marshall Wace LLP purchased a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 62,737 shares of the company's stock, valued at approximately $1,371,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ALGM. JPMorgan Chase & Co. grew its position in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after acquiring an additional 1,884,578 shares during the period. Wellington Management Group LLP grew its position in 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. Principal Financial Group Inc. grew its position in Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after acquiring an additional 308,943 shares during the period. Norges Bank purchased a new position in Allegro MicroSystems in the fourth quarter worth approximately $26,926,000. Finally, Loomis Sayles & Co. L P grew its position in Allegro MicroSystems by 11.4% in the fourth quarter. Loomis Sayles & Co. L P now owns 873,467 shares of the company's stock worth $19,094,000 after acquiring an additional 89,356 shares during the period. Institutional investors and hedge funds own 56.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Mizuho raised 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. Morgan Stanley raised their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd. Barclays lowered their price target on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Wells Fargo & Company raised their price target 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $29.78.

Allegro MicroSystems Trading Up 0.6 %

NASDAQ:ALGM opened at $19.23 on Tuesday. The firm has a market cap of $3.54 billion, a PE ratio of -54.94 and a beta of 1.53. The stock has a fifty day moving average price of $23.49 and a 200 day moving average price of $22.80. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month 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.

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.

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