Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by Huntington National Bank

Huntington National Bank raised its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGMFree Report) by 85.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,991 shares of the company’s stock after acquiring an additional 915 shares during the period. Huntington National Bank’s holdings in Allegro MicroSystems were worth $64,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. State Board of Administration of Florida Retirement System increased its holdings in shares of Allegro MicroSystems by 5.9% in the third quarter. State Board of Administration of Florida Retirement System now owns 43,775 shares of the company’s stock valued at $1,398,000 after buying an additional 2,440 shares in the last quarter. Pathstone Family Office LLC increased its holdings in shares of Allegro MicroSystems by 92.8% in the third quarter. Pathstone Family Office LLC now owns 15,594 shares of the company’s stock valued at $498,000 after buying an additional 7,504 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Allegro MicroSystems by 10.5% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 7,374 shares of the company’s stock valued at $236,000 after buying an additional 700 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Allegro MicroSystems by 12.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 635,264 shares of the company’s stock valued at $20,290,000 after buying an additional 70,814 shares in the last quarter. Finally, Blueshift Asset Management LLC bought a new position in shares of Allegro MicroSystems in the third quarter valued at $300,000. Institutional investors own 50.63% of the company’s stock.

Allegro MicroSystems Trading Up 0.3 %

Allegro MicroSystems stock opened at $31.64 on Tuesday. The company’s fifty day simple moving average is $28.60 and its 200-day simple moving average is $31.38. The company has a quick ratio of 3.19, a current ratio of 4.57 and a debt-to-equity ratio of 0.22. Allegro MicroSystems, Inc. has a 12 month low of $24.66 and a 12 month high of $53.05. The stock has a market cap of $6.11 billion, a P/E ratio of 27.75, a P/E/G ratio of 7.54 and a beta of 1.80.

Insider Activity

In related news, CEO Vineet A. Nargolwala purchased 1,000 shares of the stock in a transaction dated Friday, November 17th. The shares were acquired at an average cost of $27.84 per share, for a total transaction of $27,840.00. Following the acquisition, the chief executive officer now directly owns 302,161 shares in the company, valued at approximately $8,412,162.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 9.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price objective on the stock in a research report on Friday, February 2nd. Needham & Company LLC lowered their price objective on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Finally, TD Cowen lifted their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and an average target price of $45.71.

Check Out Our Latest Report on ALGM

Allegro MicroSystems Company Profile

(Free Report)

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.

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Institutional Ownership by Quarter for Allegro MicroSystems (NASDAQ:ALGM)

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