T. Rowe Price Investment Management Inc. Acquires 491,173 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

T. Rowe Price Investment Management Inc. lifted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 31.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,065,879 shares of the company's stock after purchasing an additional 491,173 shares during the quarter. T. Rowe Price Investment Management Inc. owned 1.12% of Allegro MicroSystems worth $45,161,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. TD Waterhouse Canada Inc. acquired a new position in shares of Allegro MicroSystems in the fourth quarter valued at approximately $40,000. Venturi Wealth Management LLC bought a new position in shares of Allegro MicroSystems in the fourth quarter worth $47,000. Sterling Capital Management LLC raised its position in shares of Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock valued at $161,000 after buying an additional 2,758 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Allegro MicroSystems in the fourth quarter worth $186,000. Finally, Bailard Inc. purchased a new stake in Allegro MicroSystems in the fourth quarter worth $254,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ALGM. Mizuho upped their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. Barclays decreased their price objective on shares of Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company boosted their target price 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. UBS Group decreased their price objective on Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating on the stock in a report on Tuesday. Finally, Morgan Stanley lifted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $28.56.

Allegro MicroSystems Stock Performance

ALGM stock traded up $0.72 during trading hours on Friday, hitting $19.55. 860,672 shares of the stock were exchanged, compared to its average volume of 2,477,663. The company has a 50-day simple moving average of $23.04 and a two-hundred day simple moving average of $22.73. The firm has a market capitalization of $3.60 billion, a P/E ratio of -55.95 and a beta of 1.53. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $33.26.

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.