Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC trimmed its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 7.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 227,956 shares of the company's stock after selling 18,175 shares during the period. Nuveen Asset Management LLC owned 0.12% of Allegro MicroSystems worth $4,983,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Meridiem Capital Partners LP bought a new stake in shares of Allegro MicroSystems in the 4th quarter worth about $25,140,000. Needham Investment Management LLC grew its holdings in Allegro MicroSystems by 24.1% during the 4th quarter. Needham Investment Management LLC now owns 90,000 shares of the company's stock valued at $1,967,000 after purchasing an additional 17,500 shares during the last quarter. Millennium Management LLC grew its holdings in Allegro MicroSystems by 96.9% during the 4th quarter. Millennium Management LLC now owns 1,324,953 shares of the company's stock valued at $28,963,000 after purchasing an additional 651,883 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Allegro MicroSystems by 22.2% during the 4th quarter. Lazard Asset Management LLC now owns 404,702 shares of the company's stock valued at $8,846,000 after purchasing an additional 73,439 shares during the last quarter. Finally, LMR Partners LLP purchased a new stake in Allegro MicroSystems in the 4th quarter valued at about $3,279,000. 56.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ALGM shares. Needham & Company LLC lowered their price objective 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. Barclays raised their target price on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. UBS Group raised 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. Morgan Stanley raised their target price 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. Finally, Mizuho raised their target price 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. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $27.38.

Allegro MicroSystems Stock Performance

ALGM traded up $0.81 on Tuesday, reaching $26.65. The stock had a trading volume of 672,290 shares, compared to its average volume of 2,584,890. 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. The business's 50-day moving average price is $22.43 and its two-hundred day moving average price is $23.27. The company has a market cap of $4.93 billion, a P/E ratio of -76.14 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The company had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. During the same quarter in the previous year, the company earned $0.25 earnings per share. The firm's revenue for the quarter was down 19.9% on a year-over-year basis. Sell-side analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share 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.