Choreo LLC bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 11,762 shares of the company's stock, valued at approximately $296,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its holdings in Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after purchasing an additional 504 shares during the period. UMB Bank n.a. boosted its holdings in Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after purchasing an additional 578 shares during the period. TD Waterhouse Canada Inc. bought a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $40,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Allegro MicroSystems during the 1st quarter worth approximately $71,000. Finally, Quarry LP bought a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $79,000. 56.45% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on ALGM. UBS Group upped their price target on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $42.00 price target (up previously from $33.00) on shares of Allegro MicroSystems in a report on Wednesday, July 16th. Bank of America upped their price objective on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock an "action list buy" rating in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Mizuho upped their price objective on shares of Allegro MicroSystems from $37.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $37.56.
Read Our Latest Analysis on Allegro MicroSystems
Allegro MicroSystems Stock Performance
NASDAQ ALGM traded down $0.15 during trading hours on Friday, reaching $31.26. 2,066,190 shares of the company were exchanged, compared to its average volume of 2,277,904. Allegro MicroSystems, Inc. has a 1 year low of $16.38 and a 1 year high of $38.45. The business's 50 day simple moving average is $32.27 and its 200-day simple moving average is $26.66. The company has a quick ratio of 2.66, a current ratio of 3.70 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $5.78 billion, a P/E ratio of -84.48 and a beta of 1.74.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.09. The business had revenue of $203.41 million during the quarter, compared to the consensus estimate of $197.82 million. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The firm's quarterly revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.03 earnings per share. On average, equities research analysts expect that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.
Allegro MicroSystems Company Profile
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Free Report)
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.
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