TimesSquare Capital Management LLC trimmed its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 51.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 363,400 shares of the company's stock after selling 383,879 shares during the quarter. TimesSquare Capital Management LLC owned 0.19% of Allegro MicroSystems worth $11,000,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC purchased a new stake in shares of Allegro MicroSystems in the fourth quarter worth about $28,000. Tucker Asset Management LLC grew its stake in shares of Allegro MicroSystems by 46.2% during the 3rd quarter. Tucker Asset Management LLC now owns 1,500 shares of the company's stock worth $48,000 after purchasing an additional 474 shares during the period. Huntington National Bank increased its holdings in shares of Allegro MicroSystems by 85.0% during the 3rd quarter. Huntington National Bank now owns 1,991 shares of the company's stock valued at $64,000 after purchasing an additional 915 shares in the last quarter. Covestor Ltd lifted its stake in shares of Allegro MicroSystems by 25.4% in the 3rd quarter. Covestor Ltd now owns 2,851 shares of the company's stock valued at $91,000 after purchasing an additional 578 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Allegro MicroSystems by 14.7% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,051 shares of the company's stock worth $94,000 after buying an additional 390 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.
Allegro MicroSystems Price Performance
ALGM stock traded down $0.91 during midday trading on Friday, reaching $26.76. The stock had a trading volume of 2,745,736 shares, compared to its average volume of 1,721,252. Allegro MicroSystems, Inc. has a 52-week low of $23.64 and a 52-week high of $53.05. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22. The company's fifty day simple moving average is $28.21 and its 200 day simple moving average is $28.38. The company has a market cap of $5.17 billion, a price-to-earnings ratio of 23.37 and a beta of 1.72.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on ALGM. Evercore ISI initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, April 16th. They issued an "outperform" rating and a $36.00 price objective for the company. Barclays reduced their price target on Allegro MicroSystems from $35.00 to $32.00 and set an "overweight" rating for the company in a report on Friday. Needham & Company LLC dropped their price objective on Allegro MicroSystems from $40.00 to $33.00 and set a "buy" rating on the stock in a report on Friday. Wolfe Research upgraded Allegro MicroSystems from a "peer perform" rating to an "outperform" rating and set a $35.00 price objective for the company in a research report on Friday, February 2nd. Finally, Mizuho decreased their target price on Allegro MicroSystems from $45.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $37.13.
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Allegro MicroSystems Company Profile
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Free Report)
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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.
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