Victory Capital Management Inc. Trims Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Victory Capital Management Inc. lowered its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 47.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 15,174 shares of the company’s stock after selling 13,522 shares during the period. Victory Capital Management Inc.’s holdings in Allegro MicroSystems were worth $459,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ALGM. GAMMA Investing LLC bought a new position in shares of Allegro MicroSystems in the 4th quarter worth about $28,000. Tucker Asset Management LLC increased its stake in shares of Allegro MicroSystems by 46.2% during the third quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock valued at $48,000 after purchasing an additional 474 shares in the last quarter. Huntington National Bank lifted its holdings in shares of Allegro MicroSystems by 85.0% during the third quarter. Huntington National Bank now owns 1,991 shares of the company’s stock valued at $64,000 after purchasing an additional 915 shares during the last quarter. Covestor Ltd boosted its position in shares of Allegro MicroSystems by 25.4% in the 3rd quarter. Covestor Ltd now owns 2,851 shares of the company’s stock worth $91,000 after purchasing an additional 578 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Allegro MicroSystems by 14.7% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,051 shares of the company’s stock worth $94,000 after buying an additional 390 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on ALGM. Barclays dropped their target price on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Evercore ISI started coverage on shares of Allegro MicroSystems in a research report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price objective on the stock. TD Cowen decreased their target price on shares of Allegro MicroSystems from $35.00 to $32.00 and set a “buy” rating for the company in a report on Friday, May 10th. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a report on Friday, February 2nd. Finally, Mizuho decreased their price objective on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a report on Friday, May 10th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.11.

Allegro MicroSystems Stock Up 1.7 %

ALGM opened at $30.61 on Friday. Allegro MicroSystems, Inc. has a twelve month low of $23.64 and a twelve month high of $53.05. The company has a quick ratio of 3.48, a current ratio of 4.85 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average price of $27.99 and a 200-day moving average price of $28.56. The stock has a market capitalization of $5.91 billion, a price-to-earnings ratio of 39.24 and a beta of 1.72.

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