11,762 Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Acquired by Choreo LLC

Choreo LLC bought a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,762 shares of the company's stock, valued at approximately $296,000.

Other large investors also recently made changes to their positions in the company. KLP Kapitalforvaltning AS acquired a new position in shares of Allegro MicroSystems in the fourth quarter valued at $603,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Allegro MicroSystems by 1.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 256,867 shares of the company's stock valued at $6,088,000 after acquiring an additional 2,798 shares during the last quarter. Norges Bank bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth approximately $26,926,000. Pictet Asset Management Holding SA grew its stake in shares of Allegro MicroSystems by 10.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company's stock worth $386,000 after purchasing an additional 1,687 shares during the period. Finally, Schroder Investment Management Group grew its holdings in Allegro MicroSystems by 2.4% during the fourth quarter. Schroder Investment Management Group now owns 441,623 shares of the company's stock valued at $9,530,000 after purchasing an additional 10,155 shares during the period. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM traded down $0.14 during trading on Wednesday, reaching $33.87. 2,909,343 shares of the stock were exchanged, compared to its average volume of 2,128,171. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $38.45. The stock has a 50-day moving average price of $31.89 and a 200-day moving average price of $26.49. The company has a current ratio of 4.30, a quick ratio of 2.66 and a debt-to-equity ratio of 0.37. The firm has a market cap of $6.26 billion, a PE ratio of -86.84 and a beta of 1.75.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The firm had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. During the same period in the prior year, the firm posted $0.25 EPS. The company's revenue for the quarter was down 19.9% on a year-over-year basis. Research analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ALGM. Wells Fargo & Company reiterated an "overweight" rating and set a $42.00 price objective (up previously from $33.00) on shares of Allegro MicroSystems in a report on Wednesday, July 16th. Morgan Stanley upped their price target on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday, June 9th. Mizuho raised their price objective on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Bank of America boosted their price objective on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company an "action list buy" rating in a research report on Thursday, July 10th. Finally, Needham & Company LLC lowered their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Allegro MicroSystems presently has an average rating of "Buy" and a consensus target price of $33.63.

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.