Envestnet Asset Management Inc. Acquires 28,179 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Key Points

• Envestnet Asset Management Inc. increased its stake in Allegro MicroSystems by 36.7% to a total of 104,966 shares valued at approximately $2.64 million.
• Several analysts have raised their price targets for Allegro MicroSystems, with a new "overweight" rating from Barclays and an increase from $22.00 to $23.00.
• Allegro MicroSystems recently reported earnings of $0.06 EPS, exceeding analysts' expectations, despite a 19.9% decrease in revenue compared to the same quarter last year.

Envestnet Asset Management Inc. lifted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 36.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 104,966 shares of the company's stock after buying an additional 28,179 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.06% of Allegro MicroSystems worth $2,638,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Mackenzie Financial Corp grew its stake in shares of Allegro MicroSystems by 2.8% in 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 grew its stake 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 during the last quarter. UMB Bank n.a. grew its stake 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 during the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Allegro MicroSystems by 10.6% in 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. acquired a new position in shares of Allegro MicroSystems in the 4th quarter worth approximately $40,000. 56.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating on the stock in a research note on Friday. Bank of America raised their price target on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock an "action list buy" rating in a report on Thursday, July 10th. Needham & Company LLC raised their price target on shares of Allegro MicroSystems from $25.00 to $37.00 and gave the stock a "buy" rating in a report on Thursday. Mizuho raised their price target on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, UBS Group raised their price target on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 7th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Allegro MicroSystems currently has an average rating of "Buy" and an average target price of $37.22.

Allegro MicroSystems Trading Down 0.6%

Shares of ALGM stock traded down $0.19 on Friday, reaching $31.22. The company had a trading volume of 708,888 shares, compared to its average volume of 2,922,819. The company has a current ratio of 4.30, a quick ratio of 2.66 and a debt-to-equity ratio of 0.37. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $38.45. The company has a 50-day moving average of $32.15 and a 200-day moving average of $26.60. The stock has a market cap of $5.77 billion, a PE ratio of -80.42 and a beta of 1.75.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.09 EPS for the quarter, meeting the consensus estimate of $0.09. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The company had revenue of $203.41 million during the quarter, compared to the consensus estimate of $197.82 million. During the same quarter in the prior year, the firm posted $0.03 EPS. The firm's revenue for the quarter was up 21.9% compared to the same quarter last year. On average, equities analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

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.