Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stock Holdings Lifted by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. raised its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 31.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,065,879 shares of the company's stock after purchasing an additional 491,173 shares during the period. T. Rowe Price Investment Management Inc. owned about 1.12% of Allegro MicroSystems worth $45,161,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of ALGM. Barclays PLC raised its stake in Allegro MicroSystems by 88.1% during the third quarter. Barclays PLC now owns 75,620 shares of the company's stock worth $1,761,000 after acquiring an additional 35,417 shares during the period. Virtu Financial LLC acquired a new stake in shares of Allegro MicroSystems during the 3rd quarter worth approximately $516,000. Retirement Systems of Alabama boosted its position in Allegro MicroSystems by 77.9% during the 3rd quarter. Retirement Systems of Alabama now owns 229,815 shares of the company's stock valued at $5,355,000 after purchasing an additional 100,621 shares during the period. Principal Financial Group Inc. lifted its stake in Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock valued at $58,244,000 after buying an additional 308,943 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after acquiring an additional 1,884,578 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

Shares of ALGM traded up $0.31 during trading hours on Wednesday, hitting $19.07. 1,940,906 shares of the company were exchanged, compared to its average volume of 2,478,862. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The company has a market capitalization of $3.51 billion, a PE ratio of -54.49 and a beta of 1.53. The firm has a fifty day simple moving average of $23.31 and a 200-day simple moving average of $22.77. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $33.26.

Analysts Set New Price Targets

Several research firms have commented on ALGM. UBS Group decreased their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating for the company in a research report on Tuesday. Morgan Stanley raised their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. Wells Fargo & Company raised their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Barclays cut their target price on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Allegro MicroSystems currently has an average rating of "Moderate Buy" and an average 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.