Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 1.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 256,867 shares of the company’s stock after buying an additional 2,798 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.14% of Allegro MicroSystems worth $6,088,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after buying an additional 1,884,578 shares during the last quarter. State Street Corp boosted its holdings in Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after purchasing an additional 1,615,351 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Allegro MicroSystems during the third quarter worth approximately $71,289,000. Geode Capital Management LLC lifted its position in shares of Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after buying an additional 1,187,792 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Allegro MicroSystems by 14.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after buying an additional 308,943 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on ALGM. Wells Fargo & Company lifted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Mizuho boosted their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, March 24th. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Morgan Stanley increased their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Finally, Barclays boosted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and an average price target of $31.20.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $25.13 on Tuesday. The firm has a market capitalization of $4.63 billion, a PE ratio of -71.80 and a beta of 1.67. The stock’s 50 day moving average is $25.26 and its two-hundred day moving average is $23.08. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. 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 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.