Concentric Capital Strategies LP Takes $955,000 Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Concentric Capital Strategies LP purchased a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 43,703 shares of the company's stock, valued at approximately $955,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ALGM. Barclays PLC increased its position in shares of Allegro MicroSystems by 88.1% during the third quarter. Barclays PLC now owns 75,620 shares of the company's stock worth $1,761,000 after purchasing an additional 35,417 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Allegro MicroSystems by 14.1% during the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after buying an additional 308,943 shares in the last quarter. JPMorgan Chase & Co. grew its holdings 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 buying an additional 1,884,578 shares in the last quarter. Oak Thistle LLC purchased a new stake in shares of Allegro MicroSystems during the fourth quarter worth $649,000. Finally, Avior Wealth Management LLC grew its holdings in shares of Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after buying an additional 737 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Trading Up 5.1%

ALGM stock traded up $1.26 during mid-day trading on Tuesday, hitting $26.09. 1,533,928 shares of the company were exchanged, compared to its average volume of 2,540,157. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $4.80 billion, a P/E ratio of -74.54 and a beta of 1.57. The business has a fifty day simple moving average of $22.56 and a 200-day simple moving average of $22.75. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26.

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC dropped 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 increased their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday. Barclays increased their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday. Wells Fargo & Company increased their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, January 13th. Finally, Mizuho increased 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. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $28.44.

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.