Schonfeld Strategic Advisors LLC Buys Shares of 1,620,888 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

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

Other institutional investors and hedge funds have also modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in shares of Allegro MicroSystems in the fourth quarter valued at about $15,145,000. JPMorgan Chase & Co. increased its position in Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Keybank National Association OH raised its position in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after buying an additional 1,522 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Allegro MicroSystems by 25.7% in the 4th quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock worth $864,000 after purchasing an additional 8,075 shares during the period. Finally, Venturi Wealth Management LLC acquired a new position in Allegro MicroSystems during the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Stock Performance

ALGM stock traded up $0.72 during trading on Friday, hitting $19.55. 2,117,099 shares of the company's stock traded hands, compared to its average volume of 2,494,762. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of -55.86 and a beta of 1.53. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $33.26. The stock has a fifty day moving average price of $22.96 and a two-hundred day moving average price of $22.74. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ALGM. Morgan Stanley boosted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Monday, February 3rd. Wells Fargo & Company boosted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Needham & Company LLC restated a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. UBS Group reduced their price target on Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, Barclays dropped their price objective on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.56.

Allegro MicroSystems 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.