Clearbridge Investments LLC Sells 547,074 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Clearbridge Investments LLC trimmed its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 13.9% during the fourth quarter, Holdings Channel reports. The fund owned 3,384,997 shares of the company’s stock after selling 547,074 shares during the quarter. Clearbridge Investments LLC’s holdings in Allegro MicroSystems were worth $73,996,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGM. Thrivent Financial for Lutherans raised its position in shares of Allegro MicroSystems by 111.5% in the third quarter. Thrivent Financial for Lutherans now owns 36,516 shares of the company’s stock valued at $851,000 after purchasing an additional 19,251 shares during the period. Intech Investment Management LLC bought a new position in Allegro MicroSystems in the 3rd quarter worth $214,000. Charles Schwab Investment Management Inc. lifted its position in Allegro MicroSystems by 101.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,366,308 shares of the company’s stock worth $31,835,000 after acquiring an additional 688,539 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Allegro MicroSystems by 111.6% during the third quarter. MetLife Investment Management LLC now owns 79,763 shares of the company’s stock valued at $1,858,000 after acquiring an additional 42,068 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Allegro MicroSystems by 58.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,292 shares of the company’s stock valued at $729,000 after purchasing an additional 11,556 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Allegro MicroSystems Trading Up 1.1 %

Shares of Allegro MicroSystems stock opened at $25.13 on Tuesday. Allegro MicroSystems, Inc. has a 52-week low of $18.59 and a 52-week high of $33.26. The firm has a market capitalization of $4.63 billion, a PE ratio of -71.80 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 company’s fifty day moving average price is $25.26 and its two-hundred day moving average price is $23.08.

Allegro MicroSystems Company 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.