Aurora Investment Counsel Sells 29,433 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Aurora Investment Counsel lessened its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 48.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 31,373 shares of the company’s stock after selling 29,433 shares during the period. Aurora Investment Counsel’s holdings in Allegro MicroSystems were worth $686,000 at the end of the most recent quarter.

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

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock opened at $26.24 on Friday. The firm’s 50-day moving average is $24.61 and its 200 day moving average is $22.80. The stock has a market cap of $4.83 billion, a price-to-earnings ratio of -74.97 and a beta of 1.67. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

Analysts Set New Price Targets

Several brokerages have commented on ALGM. Barclays upped their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a 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 research note on Monday, February 24th. Morgan Stanley raised their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Finally, 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 report on Monday, January 13th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus target price 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.