Alps Advisors Inc. Decreases Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Alps Advisors Inc. decreased its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 26.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,686 shares of the company's stock after selling 11,685 shares during the period. Alps Advisors Inc.'s holdings in Allegro MicroSystems were worth $796,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGM. Mackenzie Financial Corp increased its stake in shares of Allegro MicroSystems by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company's stock worth $398,000 after purchasing an additional 491 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Allegro MicroSystems by 63.7% during 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. increased its stake in shares of Allegro MicroSystems by 68.6% during 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. Pictet Asset Management Holding SA increased its stake in shares of Allegro MicroSystems by 10.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company's stock worth $386,000 after purchasing an additional 1,687 shares during the last quarter. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $40,000. Hedge funds and other institutional investors own 56.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC decreased their price target 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. Barclays lifted their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Morgan Stanley lifted their price objective on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, June 9th. UBS Group lifted their price objective on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Finally, Bank of America lifted their price objective on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company an "action list buy" rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $32.50.

Allegro MicroSystems Stock Down 0.4%

ALGM opened at $36.60 on Tuesday. The company has a fifty day moving average price of $29.53 and a 200-day moving average price of $25.59. The firm has a market capitalization of $6.77 billion, a P/E ratio of -93.84 and a beta of 1.75. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. The firm had revenue of $192.82 million during the quarter, compared to analyst estimates 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 revenue for the quarter was down 19.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 EPS. Equities research analysts expect that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

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.

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