Tower Research Capital LLC TRC Acquires 17,377 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Tower Research Capital LLC TRC raised its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 594.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,298 shares of the company’s stock after buying an additional 17,377 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Allegro MicroSystems were worth $444,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in ALGM. Venturi Wealth Management LLC bought a new stake in Allegro MicroSystems in the 4th quarter valued at $47,000. Sterling Capital Management LLC raised its stake in shares of Allegro MicroSystems by 59.9% in the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock valued at $161,000 after purchasing an additional 2,758 shares during the period. Aster Capital Management DIFC Ltd bought a new stake in shares of Allegro MicroSystems in the fourth quarter valued at about $186,000. Bailard Inc. acquired a new position in shares of Allegro MicroSystems during the fourth quarter worth about $254,000. Finally, Keybank National Association OH grew its holdings in shares of 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 buying an additional 1,522 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 2.4 %

Shares of ALGM stock opened at $18.76 on Wednesday. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $33.26. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of -53.60 and a beta of 1.53. The firm’s 50-day moving average is $23.31 and its 200-day moving average is $22.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Barclays cut their target price on Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. UBS Group decreased their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set a “buy” rating for the company in a research report on Tuesday. Mizuho boosted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, March 24th. Finally, Morgan Stanley raised their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and an average price target of $28.56.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.