Allspring Global Investments Holdings LLC Purchases 371,987 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Allspring Global Investments Holdings LLC raised its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 1,647.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fifth Third Bancorp raised its position in shares of Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after purchasing an additional 504 shares during the last quarter. UMB Bank n.a. raised its position in shares of Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after purchasing an additional 578 shares during the last quarter. TD Waterhouse Canada Inc. purchased a new position in shares of Allegro MicroSystems in the 4th quarter worth about $40,000. Quarry LP purchased a new position in shares of Allegro MicroSystems in the 4th quarter worth about $79,000. Finally, GAMMA Investing LLC raised its position in shares of Allegro MicroSystems by 144.3% in the 1st quarter. GAMMA Investing LLC now owns 4,155 shares of the company's stock worth $104,000 after purchasing an additional 2,454 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on ALGM. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $33.00 price target (up previously from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. Bank of America assumed coverage on Allegro MicroSystems in a research report on Monday, June 16th. They issued a "buy" rating and a $38.00 target price for the company. UBS Group boosted their target price on Allegro MicroSystems from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Mizuho boosted 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. Finally, Barclays boosted their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Allegro MicroSystems has an average rating of "Moderate Buy" and an average price target of $30.00.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM traded up $0.26 during mid-day trading on Friday, reaching $35.98. The company's stock had a trading volume of 683,700 shares, compared to its average volume of 2,659,859. The firm's fifty day moving average price is $27.43 and its two-hundred day moving average price is $24.99. The stock has a market cap of $6.65 billion, a P/E ratio of -92.24 and a beta of 1.75. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $36.08. The company has a current ratio of 4.30, a quick ratio of 2.66 and a debt-to-equity ratio of 0.37.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $185.35 million. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. 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 posted $0.25 EPS. On average, equities analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal 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.