Mitsubishi UFJ Asset Management Co. Ltd. Grows Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 57.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 157,726 shares of the company's stock after acquiring an additional 57,316 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.08% of Allegro MicroSystems worth $4,576,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALGM. GAMMA Investing LLC bought a new position in shares of Allegro MicroSystems during the 4th quarter worth about $28,000. Tucker Asset Management LLC increased its position 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 in the last quarter. Huntington National Bank increased its position 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 worth $64,000 after purchasing an additional 915 shares in the last quarter. Psagot Value Holdings Ltd. Israel increased its position in shares of Allegro MicroSystems by 28.5% during the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company's stock worth $70,000 after purchasing an additional 502 shares in the last quarter. Finally, Covestor Ltd increased its position in shares of Allegro MicroSystems by 25.4% during the 3rd quarter. Covestor Ltd now owns 2,851 shares of the company's stock worth $91,000 after purchasing an additional 578 shares in the last quarter. 56.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ALGM. Wolfe Research upgraded shares of Allegro MicroSystems from a "peer perform" rating to an "outperform" rating and set a $35.00 target price for the company in a research report on Friday, February 2nd. Barclays lowered their price objective on shares of Allegro MicroSystems from $35.00 to $32.00 and set an "overweight" rating for the company in a research report on Friday, May 10th. TD Cowen lowered their price objective on shares of Allegro MicroSystems from $35.00 to $32.00 and set a "buy" rating for the company in a research report on Friday, May 10th. Needham & Company LLC lowered their price target on shares of 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 reduced their price objective on shares of Allegro MicroSystems from $45.00 to $35.00 and set a "buy" rating on the stock in a research note on Friday, May 10th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $37.11.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM traded up $0.40 on Monday, hitting $30.05. The company had a trading volume of 1,312,261 shares, compared to its average volume of 1,699,235. Allegro MicroSystems, Inc. has a 1-year low of $23.64 and a 1-year high of $53.05. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 38.53 and a beta of 1.72. The stock has a 50 day moving average price of $27.93 and a 200 day moving average price of $28.45. The company has a current ratio of 4.85, a quick ratio of 3.48 and a debt-to-equity ratio of 0.22.

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