Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by First Trust Advisors LP

First Trust Advisors LP cut its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 24.5% during the fourth quarter, HoldingsChannel reports. The fund owned 798,051 shares of the company’s stock after selling 258,637 shares during the period. First Trust Advisors LP’s holdings in Allegro MicroSystems were worth $17,445,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Venturi Wealth Management LLC purchased a new stake in Allegro MicroSystems in the fourth quarter valued at $47,000. Sterling Capital Management LLC grew its holdings 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 worth $161,000 after purchasing an additional 2,758 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth about $186,000. Bailard Inc. purchased a new stake in Allegro MicroSystems in the 4th quarter valued at about $254,000. Finally, Keybank National Association OH lifted its position 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 buying an additional 1,522 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Trading Up 1.3 %

NASDAQ:ALGM opened at $19.12 on Friday. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26. The firm has a market cap of $3.52 billion, a PE ratio of -54.63 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. The stock has a fifty day moving average price of $23.66 and a 200 day moving average price of $22.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Mizuho boosted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. Morgan Stanley boosted 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. Barclays decreased their price target on Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Finally, Wells Fargo & Company increased their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. One investment 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.78.

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.