Massachusetts Financial Services Co. MA Trims Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Massachusetts Financial Services Co. MA reduced its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 43.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 610,167 shares of the company's stock after selling 462,767 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.33% of Allegro MicroSystems worth $15,333,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Fifth Third Bancorp increased its position 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 valued at $33,000 after purchasing an additional 504 shares during the last quarter. UMB Bank n.a. increased its position in shares of Allegro MicroSystems by 68.6% during the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after purchasing an additional 578 shares during the last quarter. TD Waterhouse Canada Inc. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $40,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Allegro MicroSystems during the 1st quarter valued at $71,000. Finally, Quarry LP purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $79,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Up 2.3%

Allegro MicroSystems stock traded up $0.83 during mid-day trading on Friday, hitting $36.62. The company had a trading volume of 1,694,912 shares, compared to its average volume of 2,706,662. The company has a current ratio of 4.30, a quick ratio of 2.66 and a debt-to-equity ratio of 0.37. The stock's 50 day moving average price is $30.79 and its two-hundred day moving average price is $25.96. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $38.45. The company has a market capitalization of $6.77 billion, a PE ratio of -93.90 and a beta of 1.75.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (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 the consensus estimate of $185.35 million. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The company's quarterly revenue was down 19.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.25 earnings per share. As a group, sell-side analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Bank of America lifted their price objective on Allegro MicroSystems from $38.00 to $45.00 and gave the stock an "action list buy" rating in a report on Thursday, July 10th. Needham & Company LLC decreased their price objective on 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 lifted their price objective on Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Mizuho lifted their price objective on Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $42.00 price objective (up previously from $33.00) on shares of Allegro MicroSystems in a report on Wednesday. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $33.63.

About Allegro MicroSystems

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.