Polar Asset Management Partners Inc. Purchases 121,300 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Polar Asset Management Partners Inc. lifted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 47.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 378,704 shares of the company's stock after purchasing an additional 121,300 shares during the quarter. Polar Asset Management Partners Inc. owned approximately 0.21% of Allegro MicroSystems worth $8,278,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Waterhouse Canada Inc. bought a new stake in Allegro MicroSystems during the 4th quarter valued at approximately $40,000. Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $47,000. Quarry LP acquired a new stake in shares of Allegro MicroSystems in the fourth quarter worth $79,000. Sterling Capital Management LLC increased its position in Allegro MicroSystems by 59.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock worth $161,000 after acquiring an additional 2,758 shares during the period. Finally, Aster Capital Management DIFC Ltd bought a new position in Allegro MicroSystems during the fourth quarter worth $186,000. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM traded down $0.39 during trading on Monday, reaching $27.12. The company had a trading volume of 1,866,161 shares, compared to its average volume of 2,576,748. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $33.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The business's 50 day moving average price is $22.58 and its 200-day moving average price is $22.87. The stock has a market cap of $4.99 billion, a PE ratio of -77.49 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. The firm had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company's revenue was down 19.9% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share. Analysts expect that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ALGM. Barclays boosted their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. UBS Group upped their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, May 9th. Mizuho lifted their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. Morgan Stanley upped their target price 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. Finally, Needham & Company LLC lowered their price target on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $27.38.

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.