Moody National Bank Trust Division Invests $967,000 in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Moody National Bank Trust Division acquired a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 38,467 shares of the company's stock, valued at approximately $967,000.

A number of other institutional investors have also modified their holdings of the business. Mackenzie Financial Corp boosted its stake in Allegro MicroSystems by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 18,192 shares of the company's stock valued at $398,000 after acquiring an additional 491 shares during the period. Keybank National Association OH raised its position in shares of Allegro MicroSystems by 14.9% during the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after purchasing an additional 1,522 shares during the period. Pictet Asset Management Holding SA lifted its holdings in shares of Allegro MicroSystems by 10.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company's stock worth $386,000 after purchasing an additional 1,687 shares during the last quarter. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems during the 4th quarter valued at approximately $40,000. Finally, Venturi Wealth Management LLC bought a new position in Allegro MicroSystems during the 4th quarter worth $47,000. Institutional investors own 56.45% of the company's stock.

Wall Street Analysts Forecast Growth

ALGM has been the topic of a number of recent research reports. Needham & Company LLC cut their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. UBS Group boosted their target price 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. 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 note on Monday, March 24th. Finally, Barclays increased their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Allegro MicroSystems presently has an average rating of "Moderate Buy" and a consensus target price of $27.38.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM traded up $1.28 during trading on Wednesday, reaching $28.06. The company had a trading volume of 1,045,494 shares, compared to its average volume of 2,590,688. The firm's fifty day moving average is $22.46 and its 200 day moving average is $23.30. 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 firm has a market capitalization of $5.19 billion, a PE ratio of -80.17 and a beta of 1.67. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $192.82 million for the quarter, compared to analysts' expectations of $185.35 million. During the same period last year, the firm earned $0.25 EPS. The firm's revenue for the quarter was down 19.9% on a year-over-year basis. On average, equities analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

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.