Lightrock Netherlands B.V. Cuts Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Lightrock Netherlands B.V. trimmed its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 5.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 192,752 shares of the company's stock after selling 10,681 shares during the period. Lightrock Netherlands B.V. owned about 0.10% of Allegro MicroSystems worth $4,852,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Raymond James Financial Inc. purchased a new position in shares of Allegro MicroSystems during the 4th quarter worth approximately $15,145,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter worth approximately $35,433,000. SG Americas Securities LLC acquired a new stake in shares of Allegro MicroSystems in the 1st quarter worth approximately $805,000. Keybank National Association OH grew its holdings in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after acquiring an additional 1,522 shares during the period. Finally, Fifth Third Bancorp grew its holdings in shares of 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 acquiring an additional 504 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ALGM shares. Wells Fargo & Company restated an "overweight" rating and issued a $33.00 price target (up previously from $26.00) on shares of Allegro MicroSystems in a report on Monday, June 16th. Bank of America started coverage on Allegro MicroSystems in a report on Monday, June 16th. They issued a "buy" rating and a $38.00 price target on the stock. Morgan Stanley upped their price target on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, June 9th. Barclays upped 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, Needham & Company LLC lowered their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Allegro MicroSystems presently has an average rating of "Moderate Buy" and a consensus price target of $30.00.

Allegro MicroSystems Trading Up 0.7%

Shares of Allegro MicroSystems stock opened at $35.98 on Friday. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $36.08. The firm has a market cap of $6.65 billion, a PE ratio of -92.24 and a beta of 1.75. The business's fifty day moving average is $27.43 and its two-hundred day moving average is $24.93. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued 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 1.04% and a negative net margin of 10.07%. The company had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. During the same quarter in the prior year, the company posted $0.25 EPS. The business's revenue for the quarter was down 19.9% compared to the same quarter last year. Analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share 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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