Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by Invesco Ltd.

Invesco Ltd. grew its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 131.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,835,641 shares of the company's stock after purchasing an additional 2,746,880 shares during the quarter. Invesco Ltd. owned approximately 2.63% of Allegro MicroSystems worth $121,520,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Capital Research Global Investors grew its position in shares of Allegro MicroSystems by 6.5% in the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock valued at $126,093,000 after buying an additional 353,776 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock valued at $87,302,000 after buying an additional 934,048 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its position in shares of 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 valued at $59,756,000 after buying an additional 911,993 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Allegro MicroSystems by 6.4% in the 1st quarter. Principal Financial Group Inc. now owns 2,416,102 shares of the company's stock valued at $60,717,000 after buying an additional 144,824 shares during the last quarter. Finally, Paloma Partners Management Co grew its position in shares of Allegro MicroSystems by 312.8% in the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock valued at $45,989,000 after buying an additional 1,594,170 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ALGM shares. Bank of America increased their target price 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. Needham & Company LLC raised their price objective on shares of Allegro MicroSystems from $25.00 to $37.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Mizuho raised 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, August 1st. Wells Fargo & Company reissued an "overweight" rating and set a $42.00 price objective (up from $33.00) on shares of Allegro MicroSystems in a research report on Wednesday, July 16th. Finally, Morgan Stanley lowered their price objective on shares of Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating on the stock in a research report on Friday, August 1st. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $37.56.

Allegro MicroSystems Stock Down 2.4%

Shares of NASDAQ:ALGM opened at $31.10 on Friday. The company has a market cap of $5.75 billion, a price-to-earnings ratio of -84.05 and a beta of 1.74. The firm's 50-day simple moving average is $33.12 and its 200-day simple moving average is $27.07. The company has a quick ratio of 2.26, a current ratio of 3.70 and a debt-to-equity ratio of 0.34. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. The business had revenue of $203.41 million for 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 business's quarterly revenue was up 21.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. As a group, equities research analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

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.

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