Lisanti Capital Growth LLC Takes $1.99 Million Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Lisanti Capital Growth LLC acquired a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 79,055 shares of the company's stock, valued at approximately $1,987,000.

Several other large investors also recently modified their holdings of ALGM. Fifth Third Bancorp lifted its stake in shares of Allegro MicroSystems by 63.7% in the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after acquiring an additional 504 shares in the last quarter. UMB Bank n.a. grew 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 worth $36,000 after buying an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. bought a new stake in shares of Allegro MicroSystems in the fourth quarter worth $40,000. Quarry LP bought a new stake in shares of Allegro MicroSystems in the fourth quarter worth $79,000. Finally, GAMMA Investing LLC raised its holdings in Allegro MicroSystems by 144.3% in the first quarter. GAMMA Investing LLC now owns 4,155 shares of the company's stock valued at $104,000 after acquiring an additional 2,454 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ALGM has been the subject of several research analyst reports. Bank of America started coverage on shares of Allegro MicroSystems in a research report on Monday, June 16th. They issued a "buy" rating and a $38.00 target price for the company. Mizuho upped their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. Needham & Company LLC decreased their price objective on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 9th. UBS Group increased their target price on shares of Allegro MicroSystems from $25.00 to $35.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $33.00 price target (up from $26.00) on shares of Allegro MicroSystems in a report on Monday, June 16th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.

Allegro MicroSystems Stock Performance

ALGM stock traded up $1.32 during mid-day trading on Wednesday, reaching $35.72. The company had a trading volume of 2,654,026 shares, compared to its average volume of 2,649,369. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $35.95. The stock has a market capitalization of $6.61 billion, a P/E ratio of -91.59 and a beta of 1.75. 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 stock's 50-day simple moving average is $26.39 and its two-hundred day simple moving average is $24.67.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same period last year, the firm posted $0.25 EPS. Allegro MicroSystems's quarterly revenue was down 19.9% compared to the same quarter last year. Research 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.