Alyeska Investment Group L.P. Sells 150,000 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Alyeska Investment Group L.P. reduced its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 26.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 425,001 shares of the company's stock after selling 150,000 shares during the quarter. Alyeska Investment Group L.P. owned 0.23% of Allegro MicroSystems worth $9,291,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. ArrowMark Colorado Holdings LLC boosted its stake in shares of Allegro MicroSystems by 7.5% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 267,249 shares of the company's stock worth $5,842,000 after acquiring an additional 18,688 shares in the last quarter. Freestone Grove Partners LP acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at $8,143,000. Comerica Bank increased its stake in Allegro MicroSystems by 11.9% in the 4th quarter. Comerica Bank now owns 649,735 shares of the company's stock worth $14,203,000 after purchasing an additional 69,104 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in Allegro MicroSystems during the 4th quarter worth about $35,433,000. Finally, Paloma Partners Management Co lifted its stake in Allegro MicroSystems by 312.8% during the fourth quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock valued at $45,989,000 after buying an additional 1,594,170 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Stock Up 6.0 %

NASDAQ ALGM traded up $1.26 during trading on Friday, hitting $22.33. 3,093,516 shares of the company traded hands, compared to its average volume of 2,535,902. The company has a market capitalization of $4.11 billion, a P/E ratio of -63.80 and a beta of 1.57. The business has a fifty day simple moving average of $22.60 and a 200 day simple moving average of $22.72. 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 announced its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (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 analysts' expectations 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 quarter in the prior year, the business earned $0.25 earnings per share. As a group, sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Analyst Upgrades and Downgrades

ALGM has been the subject of several research analyst reports. 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 research note on Monday, February 3rd. Wells Fargo & Company raised their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Needham & Company LLC dropped their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Friday. UBS Group boosted their price objective on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Friday. Finally, Barclays increased their target price on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and an average price target of $28.44.

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.