Bailard Inc. Acquires New Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bailard Inc. bought a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 11,600 shares of the company’s stock, valued at approximately $254,000.

Other institutional investors have also modified their holdings of the company. Venturi Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $47,000. KBC Group NV lifted its holdings in shares of Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after buying an additional 1,042 shares during the period. Van ECK Associates Corp purchased a new stake in shares of Allegro MicroSystems in the 3rd quarter worth $172,000. Intech Investment Management LLC bought a new position in shares of Allegro MicroSystems during the 3rd quarter worth $214,000. Finally, Prosperity Financial Group Inc. increased its stake in shares of Allegro MicroSystems by 7.9% during the third quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after buying an additional 784 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALGM has been the topic of several recent research reports. 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 upped their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Morgan Stanley lifted their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Loop Capital initiated coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price for the company. Finally, Barclays lifted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.70.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $26.78 on Thursday. Allegro MicroSystems, Inc. has a 12 month low of $18.59 and a 12 month high of $33.26. The stock has a fifty day moving average price of $24.11 and a 200-day moving average price of $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 firm has a market cap of $4.93 billion, a PE ratio of -76.51 and a beta of 1.67.

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.