Bank of America Corp DE Sells 308,468 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bank of America Corp DE lessened its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 47.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 339,450 shares of the company's stock after selling 308,468 shares during the period. Bank of America Corp DE owned about 0.18% of Allegro MicroSystems worth $7,420,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $15,145,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at $35,433,000. JPMorgan Chase & Co. lifted its stake in shares of Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the period. Keybank National Association OH increased its position in shares of 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, Victory Capital Management Inc. lifted its holdings in shares of Allegro MicroSystems by 25.7% during the 4th quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock valued at $864,000 after purchasing an additional 8,075 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Stock Performance

NASDAQ ALGM traded down $0.11 during trading on Friday, hitting $25.64. 225,715 shares of the company's stock traded hands, compared to its average volume of 2,579,774. The stock has a market capitalization of $4.74 billion, a price-to-earnings ratio of -73.03 and a beta of 1.57. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The business has a 50 day moving average of $22.49 and a 200-day moving average of $23.15.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The business had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same period last year, the firm posted $0.25 earnings per share. Allegro MicroSystems's quarterly revenue was down 19.9% on a year-over-year basis. As a group, equities research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on ALGM shares. Mizuho increased their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. UBS Group raised their target price on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Needham & Company LLC lowered their price target on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Barclays raised their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, Morgan Stanley raised their target price on shares of 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's stock. According to data from MarketBeat, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus price target of $27.38.

About Allegro MicroSystems

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.