Allegro MicroSystems, Inc. (NASDAQ:ALGM) Holdings Lowered by Squarepoint Ops LLC

Squarepoint Ops LLC trimmed its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 90.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,803 shares of the company's stock after selling 114,866 shares during the period. Squarepoint Ops LLC's holdings in Allegro MicroSystems were worth $280,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. JPMorgan Chase & Co. lifted 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 valued at $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Capital Research Global Investors lifted its stake in Allegro MicroSystems by 6.5% in the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock worth $126,093,000 after acquiring an additional 353,776 shares in the last quarter. Wellington Management Group LLP lifted its stake 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 acquiring an additional 934,048 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in Allegro MicroSystems by 50.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock worth $59,756,000 after acquiring an additional 911,993 shares in the last quarter. Finally, Paloma Partners Management Co lifted its stake in Allegro MicroSystems by 312.8% in the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock worth $45,989,000 after acquiring an additional 1,594,170 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock opened at $28.81 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The firm has a market cap of $5.33 billion, a P/E ratio of -82.31 and a beta of 1.67. The business's fifty day moving average is $22.63 and its two-hundred day moving average is $23.45. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 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 positive return on equity of 4.31% and a negative net margin of 8.45%. The business's revenue was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Equities research analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

ALGM has been the subject of several research analyst reports. Barclays increased their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Mizuho upped their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. Needham & Company LLC dropped their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, UBS Group upped their target price on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Allegro MicroSystems presently has an average rating of "Moderate Buy" and a consensus price target of $27.38.

Allegro MicroSystems Company 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.

Want to see what other hedge funds are holding ALGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.