Lecap Asset Management Ltd. Makes New $783,000 Investment in Allegro MicroSystems, Inc. $ALGM

Key Points

• Lecap Asset Management bought a new stake of 29,696 shares in Allegro MicroSystems during Q4, valued at about $783,000, as part of a stockbase that is 56.45% institutionally owned.
• Allegro reported Q results on Jan. 29 with EPS $0.15 (beat $0.14) and revenue of $229.21M — up 28.9% year-over-year — and the stock trades in a 52-week range $16.38–$43.86
• Wall Street is largely bullish (ten Buys, one Hold, one Sell) with several firms raising targets and a consensus price target of $45.

Lecap Asset Management Ltd. purchased a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 29,696 shares of the company's stock, valued at approximately $783,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALGM. Capital Research Global Investors lifted its holdings in Allegro MicroSystems by 5.8% during the 3rd quarter. Capital Research Global Investors now owns 16,824,722 shares of the company's stock worth $491,282,000 after buying an additional 920,365 shares during the period. Vanguard Group Inc. increased its stake in shares of Allegro MicroSystems by 0.6% in the third quarter. Vanguard Group Inc. now owns 14,293,465 shares of the company's stock valued at $417,369,000 after buying an additional 87,526 shares during the period. State Street Corp raised its position in shares of Allegro MicroSystems by 2.1% during the second quarter. State Street Corp now owns 5,193,001 shares of the company's stock worth $177,549,000 after acquiring an additional 108,402 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Allegro MicroSystems by 189.4% during the second quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company's stock worth $94,360,000 after acquiring an additional 1,806,183 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its stake in shares of Allegro MicroSystems by 3.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,177,560 shares of the company's stock worth $74,451,000 after acquiring an additional 69,137 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $40.00 on Monday. The stock has a market cap of $7.41 billion, a price-to-earnings ratio of -500.00 and a beta of 1.70. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.39 and a current ratio of 3.65. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $43.86. The firm's 50-day simple moving average is $35.39 and its 200 day simple moving average is $31.38.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.01. Allegro MicroSystems had a positive return on equity of 4.35% and a negative net margin of 1.57%.The business had revenue of $229.21 million for the quarter, compared to analysts' expectations of $220.78 million. During the same period last year, the business earned $0.07 EPS. The business's revenue was up 28.9% on a year-over-year basis. As a group, research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. TD Cowen lifted their target price on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, January 30th. Bank of America upped their price target on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the company a "buy" rating in a research report on Wednesday, January 21st. Weiss Ratings reiterated a "sell (e+)" rating on shares of Allegro MicroSystems in a report on Monday, December 29th. Jefferies Financial Group reissued a "buy" rating and issued a $45.00 price objective on shares of Allegro MicroSystems in a research report on Thursday, February 19th. Finally, Barclays boosted their price objective on Allegro MicroSystems from $35.00 to $46.00 and gave the company an "overweight" rating in a research note on Friday, January 30th. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Allegro MicroSystems presently has an average rating of "Moderate Buy" and a consensus price target of $45.00.

About Allegro MicroSystems

Allegro MicroSystems, Inc NASDAQ: ALGM is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro's product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.

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