ArrowMark Colorado Holdings LLC Increases Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

ArrowMark Colorado Holdings LLC increased its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 267,249 shares of the company's stock after acquiring an additional 18,688 shares during the period. ArrowMark Colorado Holdings LLC owned about 0.15% of Allegro MicroSystems worth $5,842,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Barclays PLC raised its stake in Allegro MicroSystems by 88.1% during the 3rd quarter. Barclays PLC now owns 75,620 shares of the company's stock worth $1,761,000 after acquiring an additional 35,417 shares during the period. Virtu Financial LLC bought a new position in Allegro MicroSystems during the third quarter valued at $516,000. Retirement Systems of Alabama boosted its holdings in Allegro MicroSystems by 77.9% during the 3rd quarter. Retirement Systems of Alabama now owns 229,815 shares of the company's stock valued at $5,355,000 after acquiring an additional 100,621 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after purchasing an additional 308,943 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after acquiring an additional 1,884,578 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ALGM shares. Needham & Company LLC reduced their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday. UBS Group cut their price objective on shares of Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Mizuho boosted their price target 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 target on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.11.

Allegro MicroSystems Trading Up 7.0 %

Allegro MicroSystems stock traded up $1.47 during trading on Friday, hitting $22.54. The company had a trading volume of 1,701,692 shares, compared to its average volume of 2,551,362. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of -64.40 and a beta of 1.57. 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, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26. The company's 50 day simple moving average is $22.66 and its 200-day simple moving average is $22.70.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business 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 earnings per share. The company's revenue for the quarter was down 19.9% compared to the same quarter last year. As a group, analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

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.