Millennium Management LLC Raises Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Millennium Management LLC increased its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 96.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,324,953 shares of the company's stock after acquiring an additional 651,883 shares during the quarter. Millennium Management LLC owned about 0.72% of Allegro MicroSystems worth $28,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. TD Waterhouse Canada Inc. purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $40,000. Venturi Wealth Management LLC bought a new position in Allegro MicroSystems during the 4th quarter valued at approximately $47,000. Quarry LP bought a new position in Allegro MicroSystems during the 4th quarter valued at approximately $79,000. Sterling Capital Management LLC raised its stake in Allegro MicroSystems by 59.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock valued at $161,000 after buying an additional 2,758 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in Allegro MicroSystems in the fourth quarter worth $186,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ALGM has been the subject of several recent analyst reports. Needham & Company LLC lowered their price target on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, May 9th. UBS Group raised their price objective on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Barclays upped their target price on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Mizuho raised their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. Finally, Morgan Stanley upped their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $27.38.

Allegro MicroSystems Stock Performance

Shares of ALGM stock traded down $0.37 during trading hours on Thursday, reaching $25.91. The company had a trading volume of 2,001,869 shares, compared to its average volume of 2,578,134. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The business has a fifty day moving average price of $22.64 and a 200-day moving average price of $22.96. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $33.26. The firm has a market cap of $4.77 billion, a PE ratio of -74.03 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results 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. The firm had revenue of $192.82 million for the quarter, compared to analysts' expectations of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company's revenue was down 19.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 EPS. Sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share 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.