Clearbridge Investments LLC Has $74 Million Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Clearbridge Investments LLC trimmed its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 13.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,384,997 shares of the company’s stock after selling 547,074 shares during the period. Clearbridge Investments LLC owned about 1.84% of Allegro MicroSystems worth $73,996,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Venturi Wealth Management LLC purchased a new stake in Allegro MicroSystems during the fourth quarter valued at about $47,000. Intech Investment Management LLC acquired a new stake in shares of Allegro MicroSystems during the third quarter valued at approximately $214,000. Bailard Inc. purchased a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $254,000. Keybank National Association OH boosted its stake in 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 purchasing an additional 1,522 shares during the period. Finally, Avior Wealth Management LLC grew its position in Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after purchasing an additional 737 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $25.13 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The firm has a market cap of $4.63 billion, a PE ratio of -71.80 and a beta of 1.67. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. The firm’s 50 day moving average price is $25.26 and its 200 day moving average price is $23.08.

Wall Street Analysts Forecast Growth

ALGM has been the subject of a number of research analyst reports. Wells Fargo & Company increased their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Mizuho lifted their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. Barclays increased their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Morgan Stanley upped their price objective 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. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average target price of $31.20.

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.