Bailard Inc. Makes New Investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bailard Inc. acquired a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,600 shares of the company’s stock, valued at approximately $254,000.

Other large investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC acquired a new stake in Allegro MicroSystems during the 4th quarter worth about $47,000. KBC Group NV raised its stake in shares of Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the last quarter. Van ECK Associates Corp purchased a new stake in Allegro MicroSystems in the third quarter valued at approximately $172,000. Intech Investment Management LLC acquired a new position in Allegro MicroSystems in the 3rd quarter worth approximately $214,000. Finally, Prosperity Financial Group Inc. raised its position in Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after buying an additional 784 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Trading Up 6.9 %

Shares of ALGM stock opened at $26.78 on Thursday. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The company has a market cap of $4.93 billion, a price-to-earnings ratio of -76.51 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The stock has a 50 day simple moving average of $24.11 and a 200-day simple moving average of $22.73.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ALGM. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Loop Capital began coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. Wells Fargo & Company upped 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. Morgan Stanley lifted their price target 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. Finally, Barclays boosted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.70.

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.