Polar Asset Management Partners Inc. Has $8.28 Million Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Polar Asset Management Partners Inc. increased its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 47.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 378,704 shares of the company's stock after acquiring an additional 121,300 shares during the quarter. Polar Asset Management Partners Inc. owned approximately 0.21% of Allegro MicroSystems worth $8,278,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its stake in Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after acquiring an additional 1,884,578 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Allegro MicroSystems during the fourth quarter worth approximately $35,433,000. Paloma Partners Management Co grew its stake in Allegro MicroSystems by 312.8% in the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock valued at $45,989,000 after buying an additional 1,594,170 shares during the last quarter. Norges Bank bought a new position in shares of Allegro MicroSystems in the fourth quarter worth about $26,926,000. Finally, Meridiem Capital Partners LP bought a new position in Allegro MicroSystems in the 4th quarter worth approximately $25,140,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on ALGM shares. Needham & Company LLC cut their price target on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 9th. Barclays boosted their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. 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 note on Monday, March 24th. UBS Group raised their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Morgan Stanley raised their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $27.38.

Allegro MicroSystems Stock Down 2.2%

ALGM traded down $0.56 during trading on Friday, reaching $25.19. The company had a trading volume of 1,704,200 shares, compared to its average volume of 2,597,805. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $33.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The business's fifty day moving average price is $22.45 and its 200 day moving average price is $23.20. The company has a market cap of $4.66 billion, a P/E ratio of -71.97 and a beta of 1.57.

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, 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 firm had revenue of $192.82 million for the quarter, compared to analysts' expectations of $185.35 million. During the same quarter in the previous year, the business posted $0.25 EPS. The business's quarterly revenue was down 19.9% compared to the same quarter last year. Equities analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

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.