Allspring Global Investments Holdings LLC Raises Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Allspring Global Investments Holdings LLC lifted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 1,647.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 394,572 shares of the company's stock after acquiring an additional 371,987 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.21% of Allegro MicroSystems worth $10,330,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $15,145,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $35,433,000. SG Americas Securities LLC purchased a new stake in Allegro MicroSystems in the 1st quarter valued at approximately $805,000. Keybank National Association OH lifted its stake in Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after buying an additional 1,522 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after buying an additional 504 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Trading Up 0.7%

Shares of Allegro MicroSystems stock traded up $0.26 during trading hours on Friday, reaching $35.98. 683,700 shares of the company's stock were exchanged, compared to its average volume of 2,659,859. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $36.08. The firm has a market capitalization of $6.65 billion, a price-to-earnings ratio of -92.24 and a beta of 1.75. The company has a fifty day moving average of $27.43 and a 200-day moving average of $24.96. 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 issued its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping 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 company had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. During the same quarter in the prior year, the company posted $0.25 EPS. The business's revenue for the quarter was down 19.9% compared to the same quarter last year. Sell-side analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on ALGM. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $33.00 target price (up previously from $26.00) on shares of Allegro MicroSystems in a research note on Monday, June 16th. UBS Group upped their target price on Allegro MicroSystems from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Needham & Company LLC reduced their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Barclays upped their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, Morgan Stanley upped their target price on Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, June 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus target price of $30.00.

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.