JPMorgan Chase & Co. Reduces Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

JPMorgan Chase & Co. lessened its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 4.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,531,507 shares of the company’s stock after selling 492,121 shares during the quarter. JPMorgan Chase & Co. owned approximately 5.72% of Allegro MicroSystems worth $230,219,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Avior Wealth Management LLC boosted its stake in shares of 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 acquiring an additional 737 shares during the last quarter. Keybank National Association OH increased its stake in Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock worth $257,000 after acquiring an additional 1,522 shares during the last quarter. Venturi Wealth Management LLC purchased a new stake in Allegro MicroSystems during the 4th quarter valued at $47,000. Arizona State Retirement System raised its stake in shares of Allegro MicroSystems by 7.6% in the fourth quarter. Arizona State Retirement System now owns 37,293 shares of the company’s stock valued at $815,000 after acquiring an additional 2,645 shares during the period. Finally, M&T Bank Corp lifted its stake in Allegro MicroSystems by 8.3% in the fourth quarter. M&T Bank Corp now owns 35,503 shares of the company’s stock worth $776,000 after purchasing an additional 2,729 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ALGM shares. Wells Fargo & Company lifted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Morgan Stanley raised their target price 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. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Barclays increased their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Mizuho raised their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, March 24th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, 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 fifty day moving average price of $25.26 and a 200 day moving average price of $23.08. The stock 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 1-year low of $18.59 and a 1-year high of $33.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

About Allegro MicroSystems

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.