Avantax Advisory Services Inc. Makes New $278,000 Investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Key Points

• Avantax Advisory Services Inc. invested $278,000 in Allegro MicroSystems by acquiring 11,061 shares during the first quarter.
• Allegro MicroSystems reported earnings of $0.09 per share for its most recent quarter, meeting analysts' expectations, and generated revenues of $203.41 million, surpassing predictions.
• Several research firms have raised their target prices for Allegro MicroSystems, with UBS Group setting a new target at $42.00 and Mizuho at $40.00, reflecting strong buy sentiments among analysts.

Avantax Advisory Services Inc. purchased a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 11,061 shares of the company's stock, valued at approximately $278,000.

A number of other hedge funds have also added to or reduced their stakes in ALGM. Royce & Associates LP purchased a new position in shares of Allegro MicroSystems in the 1st quarter worth about $1,964,000. Legato Capital Management LLC purchased a new position in shares of Allegro MicroSystems in the 1st quarter worth about $339,000. Oak Thistle LLC boosted its holdings in shares of Allegro MicroSystems by 97.4% in the 1st quarter. Oak Thistle LLC now owns 58,618 shares of the company's stock worth $1,473,000 after buying an additional 28,930 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Allegro MicroSystems in the 1st quarter worth about $355,000. Finally, Choreo LLC purchased a new position in shares of Allegro MicroSystems in the 1st quarter worth about $296,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Trading Up 7.0%

Shares of NASDAQ:ALGM traded up $2.10 during trading on Tuesday, reaching $31.91. 1,198,146 shares of the company traded hands, compared to its average volume of 2,854,925. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of -86.23 and a beta of 1.74. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $38.45. The company has a current ratio of 3.70, a quick ratio of 2.26 and a debt-to-equity ratio of 0.34. The business's fifty day moving average is $32.88 and its 200-day moving average is $26.95.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, meeting analysts' consensus estimates of $0.09. The firm had revenue of $203.41 million during the quarter, compared to analyst estimates of $197.82 million. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%. The business's quarterly revenue was up 21.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 earnings per share. As a group, analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ALGM shares. Mizuho boosted their price objective on Allegro MicroSystems from $37.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Needham & Company LLC boosted their price objective on Allegro MicroSystems from $25.00 to $37.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Wall Street Zen upgraded Allegro MicroSystems from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Wells Fargo & Company restated an "overweight" rating and issued a $42.00 price objective (up from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. Finally, UBS Group boosted their price objective on Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a research note on Monday, July 7th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $37.56.

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.