Ameriprise Financial Inc. Sells 1,590,003 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Ameriprise Financial Inc. lessened its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 81.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 360,524 shares of the company's stock after selling 1,590,003 shares during the period. Ameriprise Financial Inc. owned 0.20% of Allegro MicroSystems worth $7,881,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. TD Waterhouse Canada Inc. bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $40,000. Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $47,000. Quarry LP bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $79,000. Sterling Capital Management LLC grew its holdings in shares of Allegro MicroSystems by 59.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock worth $161,000 after purchasing an additional 2,758 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $186,000. Institutional investors own 56.45% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ALGM shares. Needham & Company LLC decreased their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Barclays raised their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, May 9th. UBS Group raised their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, May 9th. Mizuho raised their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. Finally, Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $27.38.

Allegro MicroSystems Stock Up 2.8%

Shares of NASDAQ:ALGM traded up $0.70 during midday trading on Tuesday, reaching $26.12. 1,551,885 shares of the company were exchanged, compared to its average volume of 2,586,014. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $33.26. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The stock has a fifty day simple moving average of $22.53 and a two-hundred day simple moving average of $23.09. The firm has a market cap of $4.81 billion, a PE ratio of -74.63 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The firm's quarterly revenue was down 19.9% on a year-over-year basis. During the same period last year, the business posted $0.25 earnings per share. As a group, sell-side analysts forecast 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.