Banque Pictet & Cie SA Makes New Investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Banque Pictet & Cie SA bought a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,289 shares of the company's stock, valued at approximately $359,000.

Other hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp boosted its position in shares of Allegro MicroSystems by 63.7% in 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 in the last quarter. UMB Bank n.a. boosted its position in shares of Allegro MicroSystems by 68.6% in 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 in the last quarter. TD Waterhouse Canada Inc. bought a new stake in shares of Allegro MicroSystems in the 4th quarter worth approximately $40,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Allegro MicroSystems in the 1st quarter worth approximately $71,000. Finally, Quarry LP bought a new stake in shares of Allegro MicroSystems in the 4th quarter worth approximately $79,000. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Performance

ALGM traded down $0.16 during mid-day trading on Monday, reaching $36.60. 1,775,880 shares of the company traded hands, compared to its average volume of 2,991,754. The stock 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 quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37. The company's fifty day moving average price is $29.18 and its 200-day moving average price is $25.49. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $38.45.

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. The business 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 company's quarterly revenue was down 19.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 EPS. On average, sell-side analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Analysts Set New Price Targets

ALGM has been the topic of a number of analyst reports. Mizuho boosted their price target on Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $33.00 price objective (up from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. Needham & Company LLC lowered their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Bank of America upped their price objective on Allegro MicroSystems from $38.00 to $45.00 and gave the company an "action list buy" rating in a research report on Thursday. Finally, Morgan Stanley upped their price objective on Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research report on Monday, June 9th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of "Buy" and a consensus target price of $32.50.

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.