GW&K Investment Management LLC Increases Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

GW&K Investment Management LLC increased its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 2.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,054,756 shares of the company's stock after acquiring an additional 24,434 shares during the period. GW&K Investment Management LLC owned approximately 0.57% of Allegro MicroSystems worth $26,506,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Fifth Third Bancorp increased its position in 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 buying an additional 504 shares during the period. UMB Bank n.a. increased its position in shares of Allegro MicroSystems by 68.6% during the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after purchasing an additional 578 shares during the period. TD Waterhouse Canada Inc. bought a new stake in shares of Allegro MicroSystems during the fourth quarter valued at approximately $40,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Allegro MicroSystems during the first quarter valued at approximately $71,000. Finally, Quarry LP bought a new stake in shares of Allegro MicroSystems during the fourth quarter valued at approximately $79,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ALGM has been the topic of several recent analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $42.00 price target (up previously from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. Mizuho upped their price objective on Allegro MicroSystems from $31.00 to $37.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. 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 report on Thursday, July 10th. Barclays increased their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Finally, UBS Group increased their price target on Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 7th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of "Buy" and an average target price of $33.63.

Allegro MicroSystems Stock Performance

Shares of ALGM traded up $0.61 on Friday, reaching $33.37. 566,907 shares of the company's stock traded hands, compared to its average volume of 2,948,500. The company has a current ratio of 4.30, a quick ratio of 2.66 and a debt-to-equity ratio of 0.37. The stock has a market cap of $6.17 billion, a PE ratio of -85.16 and a beta of 1.75. The stock's 50 day simple moving average is $31.49 and its two-hundred day simple moving average is $26.26. 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 released its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $185.35 million. During the same period last year, the business posted $0.25 earnings per share. The business's revenue for the quarter was down 19.9% on a year-over-year basis. On average, analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal 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.