1,620,888 Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Purchased by Schonfeld Strategic Advisors LLC

Schonfeld Strategic Advisors LLC bought a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,620,888 shares of the company's stock, valued at approximately $35,433,000. Schonfeld Strategic Advisors LLC owned about 0.88% of Allegro MicroSystems at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Paloma Partners Management Co grew its stake in shares of Allegro MicroSystems by 312.8% during the fourth quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock valued at $45,989,000 after buying an additional 1,594,170 shares during the last quarter. Northern Trust Corp boosted its holdings in Allegro MicroSystems by 13.6% during the 4th quarter. Northern Trust Corp now owns 1,074,433 shares of the company's stock valued at $23,487,000 after acquiring an additional 128,726 shares during the period. Quarry LP bought a new position in Allegro MicroSystems during the 4th quarter worth approximately $79,000. Boothbay Fund Management LLC purchased a new position in Allegro MicroSystems in the 4th quarter worth approximately $232,000. Finally, Analog Century Management LP lifted its position in Allegro MicroSystems by 17.1% in the fourth quarter. Analog Century Management LP now owns 2,001,438 shares of the company's stock valued at $43,751,000 after purchasing an additional 291,990 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Down 1.3 %

Allegro MicroSystems stock traded down $0.24 during trading hours on Thursday, hitting $18.83. 1,847,553 shares of the stock traded hands, compared to its average volume of 2,483,929. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $33.26. The firm's 50-day moving average price is $23.04 and its two-hundred day moving average price is $22.73. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The company has a market cap of $3.47 billion, a PE ratio of -53.80 and a beta of 1.53.

Wall Street Analyst Weigh In

ALGM has been the topic of several analyst reports. Mizuho lifted their target price on shares of 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 boosted their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. Needham & Company LLC reiterated a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company boosted their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, January 13th. Finally, Barclays dropped their price objective on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $28.56.

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.