Navellier & Associates Inc. Has $301,000 Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Navellier & Associates Inc. cut its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 91.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,955 shares of the company's stock after selling 107,229 shares during the period. Navellier & Associates Inc.'s holdings in Allegro MicroSystems were worth $301,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of ALGM. Vanguard Group Inc. increased its holdings in Allegro MicroSystems by 5.1% in the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company's stock valued at $235,140,000 after purchasing an additional 355,814 shares during the last quarter. South Dakota Investment Council acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $1,059,000. JPMorgan Chase & Co. boosted its stake in Allegro MicroSystems by 21.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company's stock worth $129,435,000 after acquiring an additional 727,535 shares during the last quarter. Sei Investments Co. grew its holdings in Allegro MicroSystems by 42.5% during the third quarter. Sei Investments Co. now owns 391,144 shares of the company's stock valued at $12,494,000 after purchasing an additional 116,603 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Allegro MicroSystems by 51.6% in the third quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company's stock valued at $3,941,000 after purchasing an additional 41,999 shares in the last quarter. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Down 0.3 %

NASDAQ:ALGM traded down $0.10 during trading hours on Friday, reaching $29.65. 1,001,056 shares of the stock were exchanged, compared to its average volume of 1,757,481. The stock has a market cap of $5.73 billion, a PE ratio of 38.01 and a beta of 1.72. Allegro MicroSystems, Inc. has a twelve month low of $23.64 and a twelve month high of $53.05. The firm has a 50 day moving average of $27.93 and a 200 day moving average of $28.44. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.85 and a quick ratio of 3.48.

Analyst Ratings Changes

ALGM has been the topic of a number of recent analyst reports. Jefferies Financial Group initiated coverage on shares of Allegro MicroSystems in a research report on Monday, May 13th. They set a "buy" rating and a $37.00 price target on the stock. TD Cowen decreased their target price on Allegro MicroSystems from $35.00 to $32.00 and set a "buy" rating for the company in a research note on Friday, May 10th. Wolfe Research raised Allegro MicroSystems from a "peer perform" rating to an "outperform" rating and set a $35.00 price target on the stock in a research report on Friday, February 2nd. Needham & Company LLC decreased their price objective on Allegro MicroSystems from $40.00 to $33.00 and set a "buy" rating for the company in a research report on Friday, May 10th. Finally, Mizuho lowered their target price on Allegro MicroSystems from $45.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, May 10th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $37.11.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.