Tower Research Capital LLC TRC Acquires 17,377 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Tower Research Capital LLC TRC boosted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 594.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,298 shares of the company's stock after purchasing an additional 17,377 shares during the quarter. Tower Research Capital LLC TRC's holdings in Allegro MicroSystems were worth $444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in ALGM. Raymond James Financial Inc. purchased a new stake in shares of Allegro MicroSystems in the 4th quarter valued at about $15,145,000. JPMorgan Chase & Co. increased its position in shares of Allegro MicroSystems by 20.6% in 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 stake in Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after purchasing an additional 1,522 shares in the last quarter. Victory Capital Management Inc. lifted its position in Allegro MicroSystems by 25.7% during the fourth quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock valued at $864,000 after purchasing an additional 8,075 shares during the last quarter. Finally, Venturi Wealth Management LLC purchased a new position in Allegro MicroSystems in the 4th quarter worth approximately $47,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ALGM. Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Barclays cut 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. 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, April 29th. Mizuho upped their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. Finally, Wells Fargo & Company increased their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, January 13th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $28.56.

Allegro MicroSystems Trading Down 1.8 %

ALGM stock traded down $0.35 during midday trading on Monday, hitting $19.21. The company had a trading volume of 290,630 shares, compared to its average volume of 2,486,270. 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 52 week low of $16.38 and a 52 week high of $33.26. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of -54.68 and a beta of 1.57. The stock's 50 day moving average price is $22.96 and its 200 day moving average price is $22.75.

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