Legato Capital Management LLC Invests $339,000 in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Key Points

• Legato Capital Management LLC acquired 13,500 shares of Allegro MicroSystems, valued at approximately $339,000, during the 1st quarter, according to a recent 13F filing.
• Several analysts have raised their price targets for Allegro MicroSystems, with Bank of America setting a new target of $45.00 and others showing general optimism with ratings ranging from "buy" to "action list buy."
• Institutional investors own over 56% of Allegro MicroSystems, indicating significant institutional backing, with recent movements including new positions and increased holdings from multiple investment firms.

Legato Capital Management LLC acquired a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 13,500 shares of the company's stock, valued at approximately $339,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Schonfeld Strategic Advisors LLC bought a new position in shares of Allegro MicroSystems during the 4th quarter worth about $35,433,000. SG Americas Securities LLC bought a new position in shares of Allegro MicroSystems during the 1st quarter worth about $805,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Allegro MicroSystems by 18.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,883 shares of the company's stock worth $668,000 after purchasing an additional 4,185 shares during the period. Fifth Third Bancorp increased its holdings in shares of Allegro MicroSystems by 63.7% during 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 period. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Allegro MicroSystems during the 4th quarter worth about $603,000. Institutional investors own 56.45% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, June 9th. Mizuho increased their price target on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Bank of America increased 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 research report on Thursday, July 10th. Barclays increased their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $42.00 price target (up previously from $33.00) on shares of Allegro MicroSystems in a research report on Wednesday, July 16th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $33.63.

Allegro MicroSystems Price Performance

NASDAQ:ALGM opened at $33.70 on Friday. The firm has a market cap of $6.23 billion, a PE ratio of -86.41 and a beta of 1.75. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $38.45. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37. The company's 50-day moving average price is $31.61 and its two-hundred day moving average price is $26.32.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. The firm had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The company's revenue for the quarter was down 19.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 earnings per share. On average, equities analysts anticipate 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.

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