Royce & Associates LP Purchases Shares of 78,153 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Royce & Associates LP acquired a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 78,153 shares of the company's stock, valued at approximately $1,964,000.

Other large investors have also recently added to or reduced their stakes in the company. 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 last quarter. Fifth Third Bancorp raised its holdings in Allegro MicroSystems by 63.7% in the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after purchasing an additional 504 shares during the period. UMB Bank n.a. raised its holdings in Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after purchasing an additional 578 shares during the period. CWM LLC raised its holdings in Allegro MicroSystems by 22.2% in the first quarter. CWM LLC now owns 4,299 shares of the company's stock worth $108,000 after purchasing an additional 781 shares during the period. Finally, Xponance Inc. raised its holdings in Allegro MicroSystems by 5.4% in the first quarter. Xponance Inc. now owns 15,668 shares of the company's stock worth $394,000 after purchasing an additional 806 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Down 0.7%

Shares of NASDAQ:ALGM traded down $0.23 during midday trading on Friday, reaching $31.18. 783,850 shares of the company were exchanged, compared to its average volume of 2,923,236. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $38.45. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37. The stock has a fifty day simple moving average of $32.15 and a two-hundred day simple moving average of $26.60. The firm has a market cap of $5.77 billion, a PE ratio of -79.84 and a beta of 1.75.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The firm had revenue of $203.41 million for the quarter, compared to analyst estimates of $197.82 million. During the same period in the previous year, the business earned $0.03 EPS. The company's revenue was up 21.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALGM has been the topic of several analyst reports. Morgan Stanley cut their target price on shares of Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating on the stock in a report on Friday. Barclays increased their target price on shares of Allegro MicroSystems from $23.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday. Mizuho increased their target price on shares of Allegro MicroSystems from $37.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday. Wells Fargo & Company reiterated an "overweight" rating and issued a $42.00 target price (up from $33.00) on shares of Allegro MicroSystems in a report on Wednesday, July 16th. Finally, UBS Group increased their target price on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 7th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of "Buy" and an average target price of $37.56.

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.