Peregrine Capital Management LLC Acquires New Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Peregrine Capital Management LLC bought a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 268,416 shares of the company's stock, valued at approximately $6,745,000. Peregrine Capital Management LLC owned approximately 0.15% of Allegro MicroSystems as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $15,145,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $35,433,000. SG Americas Securities LLC acquired a new stake in shares of Allegro MicroSystems in the 1st quarter valued at $805,000. Keybank National Association OH raised its holdings in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after purchasing an additional 1,522 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after purchasing an additional 504 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on ALGM. Morgan Stanley increased their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a research report on Monday, June 9th. Needham & Company LLC dropped 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. Mizuho increased their target price 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. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $33.00 target price (up from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. Finally, Barclays increased their target price 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. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems presently has an average rating of "Moderate Buy" and a consensus price target of $30.00.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock traded up $1.32 during midday trading on Wednesday, hitting $35.72. 2,654,026 shares of the company's stock were exchanged, compared to its average volume of 2,654,990. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $35.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.66 and a current ratio of 4.30. The stock has a market cap of $6.61 billion, a price-to-earnings ratio of -91.59 and a beta of 1.75. The firm's 50 day simple moving average is $26.39 and its 200 day simple moving average is $24.67.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The company had revenue of $192.82 million during the quarter, compared to analysts' expectations of $185.35 million. During the same quarter last year, the business earned $0.25 EPS. The business's revenue was down 19.9% on a year-over-year basis. Equities research analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Allegro MicroSystems 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.