JPMorgan Chase & Co. Trims Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Key Points

• JPMorgan Chase & Co. has reduced its stake in Allegro MicroSystems by 14.6%, now owning approximately 4.89% of the company worth around $226 million after selling over 1.5 million shares.
• Several hedge funds have also increased their holdings in Allegro MicroSystems, with Barclays PLC growing its position by 106.7% during the fourth quarter.
• Allegro MicroSystems' stock has received multiple upgrades from analysts, with UBS raising its price target to $42.00 and maintaining a "buy" rating, while the average target price across analysts is $37.56.

JPMorgan Chase & Co. reduced its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 14.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,995,806 shares of the company's stock after selling 1,535,701 shares during the period. JPMorgan Chase & Co. owned approximately 4.89% of Allegro MicroSystems worth $226,065,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ALGM. Raymond James Financial Inc. purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at $15,145,000. Sterling Capital Management LLC grew its position in shares of Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock valued at $161,000 after purchasing an additional 2,758 shares in the last quarter. Barclays PLC grew its position in shares of Allegro MicroSystems by 106.7% during the 4th quarter. Barclays PLC now owns 156,325 shares of the company's stock valued at $3,417,000 after purchasing an additional 80,705 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at $1,371,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Allegro MicroSystems by 30.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,719,274 shares of the company's stock valued at $37,582,000 after purchasing an additional 404,761 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ALGM has been the subject of a number of research analyst reports. UBS Group lifted their price objective 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. Morgan Stanley dropped their price objective on shares of Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating for the company in a report on Friday, August 1st. Barclays lifted their price objective on shares of Allegro MicroSystems from $23.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Mizuho lifted their price objective on shares of Allegro MicroSystems from $37.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $42.00 price objective (up from $33.00) on shares of Allegro MicroSystems in a report on Wednesday, July 16th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Allegro MicroSystems has a consensus rating of "Buy" and an average target price of $37.56.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM opened at $31.86 on Thursday. The company has a market cap of $5.90 billion, a price-to-earnings ratio of -86.11 and a beta of 1.74. The company has a 50-day moving average price of $33.06 and a 200-day moving average price of $27.02. The company has a current ratio of 3.70, a quick ratio of 2.26 and a debt-to-equity ratio of 0.34. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.09 EPS for the quarter, meeting the consensus estimate of $0.09. The firm had revenue of $203.41 million during the quarter, compared to the consensus estimate of $197.82 million. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The company's quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 earnings per share. As a group, equities analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS for the current 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.

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