Royce & Associates LP Invests $2.99 Million in Allegro MicroSystems, Inc. $ALGM

Key Points

• Royce & Associates LP initiated a new position in Allegro MicroSystems in Q3, purchasing 102,230 shares worth about $2.99 million, or roughly 0.06% of the company.
• Allegro beat Q results with $0.15 EPS (vs. $0.14 est.) and revenue of $229.2M, up 28.9% year-over-year, while trading near $32.78 with a $6.07B market cap.
• Analysts have raised targets and ratings recently, leaving a consensus of "Moderate Buy" and an average price target of $45 (10 Buys, 1 Hold, 1 Sell).

Royce & Associates LP purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 102,230 shares of the company's stock, valued at approximately $2,985,000. Royce & Associates LP owned approximately 0.06% of Allegro MicroSystems as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in ALGM. Hantz Financial Services Inc. increased its position in Allegro MicroSystems by 86.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company's stock worth $26,000 after purchasing an additional 419 shares during the period. Quent Capital LLC purchased a new stake in shares of Allegro MicroSystems in the third quarter valued at approximately $28,000. Nisa Investment Advisors LLC grew its holdings in Allegro MicroSystems by 158.8% during the second quarter. Nisa Investment Advisors LLC now owns 2,210 shares of the company's stock worth $76,000 after acquiring an additional 1,356 shares during the period. TD Waterhouse Canada Inc. raised its position in Allegro MicroSystems by 82.9% in the second quarter. TD Waterhouse Canada Inc. now owns 3,038 shares of the company's stock worth $104,000 after acquiring an additional 1,377 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in Allegro MicroSystems by 3,614.0% in the third quarter. Global Retirement Partners LLC now owns 4,494 shares of the company's stock valued at $131,000 after acquiring an additional 4,373 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $32.78 on Friday. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $43.86. The stock has a market cap of $6.07 billion, a P/E ratio of -409.75 and a beta of 1.64. The company has a current ratio of 3.65, a quick ratio of 2.39 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average of $34.89 and a two-hundred day moving average of $30.79.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The business had revenue of $229.21 million for the quarter, compared to analyst estimates of $220.78 million. During the same period in the prior year, the business earned $0.07 earnings per share. The company's quarterly revenue was up 28.9% on a year-over-year basis. As a group, research analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. UBS Group upped their price target on shares of Allegro MicroSystems from $40.00 to $44.00 and gave the stock a "buy" rating in a research note on Friday, January 30th. Barclays boosted their price objective on shares of Allegro MicroSystems from $35.00 to $46.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. Wells Fargo & Company upped their target price on shares of Allegro MicroSystems from $45.00 to $48.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 11th. Needham & Company LLC lifted their price target on shares of Allegro MicroSystems from $41.00 to $45.00 and gave the company a "buy" rating in a research report on Thursday, February 19th. Finally, Jefferies Financial Group reissued a "buy" rating and set a $45.00 price target on shares of Allegro MicroSystems in a research note on Thursday, February 19th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Allegro MicroSystems presently has an average rating of "Moderate Buy" and an average price target of $45.00.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc NASDAQ: ALGM is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro's product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.

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