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

Alyeska Investment Group L.P. cut its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 26.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 425,001 shares of the company's stock after selling 150,000 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.23% of Allegro MicroSystems worth $9,291,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of ALGM. JPMorgan Chase & Co. lifted its position 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 worth $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new position in Allegro MicroSystems in the 4th quarter worth approximately $35,433,000. Paloma Partners Management Co lifted its holdings in shares of Allegro MicroSystems by 312.8% during the fourth quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock worth $45,989,000 after buying an additional 1,594,170 shares during the last quarter. Norges Bank acquired a new position in Allegro MicroSystems during the 4th quarter valued at $26,926,000. Finally, Wellington Management Group LLP grew its position in Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after purchasing an additional 934,048 shares during the last quarter. Institutional investors own 56.45% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ALGM shares. Mizuho increased their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Monday, March 24th. UBS Group raised their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday. Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Morgan Stanley raised their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd. Finally, Barclays boosted their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday. One research 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 presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.44.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM traded up $1.26 during mid-day trading on Friday, hitting $22.33. 3,093,516 shares of the stock were exchanged, compared to its average volume of 2,536,746. The stock's fifty day simple moving average is $22.66 and its two-hundred day simple moving average is $22.70. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $33.26. The company has a market cap of $4.11 billion, a P/E ratio of -63.80 and a beta of 1.57.

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 company had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. Allegro MicroSystems's quarterly revenue was down 19.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.25 earnings per share. As a group, analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

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.