Millennium Management LLC Boosts Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Millennium Management LLC grew its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 96.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,324,953 shares of the company's stock after purchasing an additional 651,883 shares during the quarter. Millennium Management LLC owned approximately 0.72% of Allegro MicroSystems worth $28,963,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ALGM. JPMorgan Chase & Co. grew its position in shares of Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $35,433,000. Paloma Partners Management Co grew its position in shares of Allegro MicroSystems by 312.8% in the fourth quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock valued at $45,989,000 after purchasing an additional 1,594,170 shares during the last quarter. Norges Bank acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $26,926,000. Finally, Wellington Management Group LLP grew its position in shares of Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock valued at $87,302,000 after purchasing an additional 934,048 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Trading Down 1.9%

NASDAQ ALGM traded down $0.49 during mid-day trading on Friday, reaching $25.42. 1,357,786 shares of the stock were exchanged, compared to its average volume of 2,590,167. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26. The business's fifty day simple moving average is $22.59 and its 200 day simple moving average is $23.04. The stock has a market capitalization of $4.68 billion, a PE ratio of -72.63 and a beta of 1.57. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted 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. The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. Allegro MicroSystems's revenue was down 19.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 earnings per share. On average, research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

ALGM has been the topic of several research reports. Mizuho increased 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. Barclays increased their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Morgan Stanley raised their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd. Needham & Company LLC decreased their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, UBS Group raised their target price on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.38.

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.