Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC lowered its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 28.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 201,817 shares of the company's stock after selling 81,458 shares during the quarter. Granahan Investment Management LLC owned approximately 0.11% of Allegro MicroSystems worth $4,412,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of ALGM. Raymond James Financial Inc. purchased a new stake in Allegro MicroSystems during the fourth quarter worth $15,145,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $35,433,000. JPMorgan Chase & Co. lifted its holdings in shares of Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Keybank National Association OH lifted its holdings in shares of Allegro MicroSystems by 14.9% during the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after purchasing an additional 1,522 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Allegro MicroSystems by 25.7% during the 4th quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock valued at $864,000 after purchasing an additional 8,075 shares during the last quarter. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded up $0.72 during trading on Wednesday, reaching $27.02. 3,599,344 shares of the company traded hands, compared to its average volume of 2,564,735. The firm's fifty day simple moving average is $22.52 and its 200 day simple moving average is $22.77. The stock has a market cap of $4.98 billion, a P/E ratio of -77.20 and a beta of 1.57. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26. 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 (NASDAQ:ALGM - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The firm had revenue of $192.82 million for the quarter, compared to analysts' expectations of $185.35 million. During the same period last year, the firm earned $0.25 EPS. The company's quarterly revenue was down 19.9% on a year-over-year basis. As a group, research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ALGM has been the subject of several analyst reports. Morgan Stanley increased 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. UBS Group increased their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, May 9th. Mizuho increased their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, March 24th. Barclays increased their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Finally, Needham & Company LLC cut their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $27.38.

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.