Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 1,647.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 394,572 shares of the company's stock after buying an additional 371,987 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.21% of Allegro MicroSystems worth $10,330,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ALGM. Capital Research Global Investors lifted its position in Allegro MicroSystems by 6.5% in the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock valued at $126,093,000 after purchasing an additional 353,776 shares during the period. Wellington Management Group LLP lifted its position in Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock valued at $87,302,000 after purchasing an additional 934,048 shares during the period. Adage Capital Partners GP L.L.C. lifted its position in Allegro MicroSystems by 50.1% in the fourth 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 purchasing an additional 911,993 shares during the period. Paloma Partners Management Co lifted its position in Allegro MicroSystems by 312.8% in the fourth quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock valued at $45,989,000 after purchasing an additional 1,594,170 shares during the period. Finally, T. Rowe Price Investment Management Inc. lifted its position in Allegro MicroSystems by 31.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,065,879 shares of the company's stock valued at $45,161,000 after purchasing an additional 491,173 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Trading Down 1.5%

Shares of NASDAQ ALGM traded down $0.53 during trading on Monday, hitting $35.40. 1,294,626 shares of the company traded hands, compared to its average volume of 2,654,398. Allegro MicroSystems, Inc. has a 1 year low of $16.38 and a 1 year high of $36.08. The company has a 50-day moving average price of $27.75 and a 200-day moving average price of $25.08. The firm has a market capitalization of $6.55 billion, a P/E ratio of -90.77 and a beta of 1.75. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. The company had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The business's quarterly revenue was down 19.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 EPS. On average, equities analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $33.00 price target (up from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. Barclays lifted their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Morgan Stanley lifted their price objective on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, June 9th. Mizuho lifted their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. Finally, Needham & Company LLC lowered their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research note on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.88.

Allegro MicroSystems 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.