Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 19.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 147,756 shares of the company’s stock after selling 35,807 shares during the period. Corebridge Financial Inc. owned approximately 0.08% of Allegro MicroSystems worth $3,230,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Avior Wealth Management LLC grew its holdings in Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after buying an additional 737 shares in the last quarter. Keybank National Association OH grew its stake in shares of Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock worth $257,000 after purchasing an additional 1,522 shares in the last quarter. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems during the fourth quarter valued at $47,000. Arizona State Retirement System raised its stake in shares of Allegro MicroSystems by 7.6% during the fourth quarter. Arizona State Retirement System now owns 37,293 shares of the company’s stock valued at $815,000 after purchasing an additional 2,645 shares in the last quarter. Finally, M&T Bank Corp grew its position in Allegro MicroSystems by 8.3% in the 4th quarter. M&T Bank Corp now owns 35,503 shares of the company’s stock valued at $776,000 after buying an additional 2,729 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 1.1 %

Shares of ALGM opened at $25.13 on Tuesday. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The stock has a market capitalization of $4.63 billion, a P/E ratio of -71.80 and a beta of 1.67. The business’s 50-day moving average price is $25.26 and its 200 day moving average price is $23.08.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Mizuho upped their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, March 24th. Morgan Stanley increased their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Needham & Company LLC restated a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Barclays lifted their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and a consensus price target of $31.20.

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.