Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC boosted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 6,038.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 104,415 shares of the company's stock after purchasing an additional 102,714 shares during the period. GAMMA Investing LLC owned approximately 0.06% of Allegro MicroSystems worth $2,624,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Capital Research Global Investors grew its position in shares of Allegro MicroSystems by 6.5% during the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock worth $126,093,000 after purchasing an additional 353,776 shares in the last quarter. Wellington Management Group LLP boosted its stake in Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after purchasing an additional 934,048 shares during the period. Adage Capital Partners GP L.L.C. grew its holdings in Allegro MicroSystems by 50.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock valued at $59,756,000 after buying an additional 911,993 shares in the last quarter. Paloma Partners Management Co grew its holdings in Allegro MicroSystems by 312.8% during the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock valued at $45,989,000 after buying an additional 1,594,170 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in shares of Allegro MicroSystems by 31.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,065,879 shares of the company's stock valued at $45,161,000 after buying an additional 491,173 shares during the last quarter. Institutional investors own 56.45% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Barclays lifted their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the stock 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 upped their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. Morgan Stanley increased their target price on Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research report on Monday. Finally, Needham & Company LLC reduced 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. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems has an average rating of "Moderate Buy" and an average target price of $27.63.

Allegro MicroSystems Stock Performance

NASDAQ ALGM traded down $1.24 on Friday, reaching $28.65. 1,547,250 shares of the company's stock traded hands, compared to its average volume of 2,606,353. 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 debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of -81.86 and a beta of 1.67. The stock has a 50 day moving average price of $23.21 and a 200-day moving average price of $23.70.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. During the same quarter in the prior year, the firm posted $0.25 EPS. Allegro MicroSystems's quarterly revenue was down 19.9% compared to the same quarter last year. Equities research analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal 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.