MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Reduces Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lowered its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 13.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 140,245 shares of the company's stock after selling 21,445 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.08% of Allegro MicroSystems worth $3,066,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after buying an additional 1,884,578 shares in the last quarter. Avior Wealth Management LLC boosted its position in Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock valued at $321,000 after buying an additional 737 shares during the period. KBC Group NV boosted its position in Allegro MicroSystems by 522.1% during the fourth quarter. KBC Group NV now owns 22,335 shares of the company's stock valued at $488,000 after buying an additional 18,745 shares during the period. Pacer Advisors Inc. grew its stake in shares of Allegro MicroSystems by 14.5% during the fourth quarter. Pacer Advisors Inc. now owns 59,366 shares of the company's stock valued at $1,298,000 after buying an additional 7,514 shares during the last quarter. Finally, Lightrock Netherlands B.V. purchased a new position in shares of Allegro MicroSystems in the fourth quarter worth about $4,469,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $27.26 on Wednesday. The company has a market cap of $5.02 billion, a price-to-earnings ratio of -77.89 and a beta of 1.57. The business's fifty day simple moving average is $22.65 and its two-hundred day simple moving average is $22.94. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

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. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same period in the prior year, the company posted $0.25 earnings per share. The company's quarterly revenue was down 19.9% on a year-over-year basis. Research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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