Trillium Asset Management LLC Purchases 69,782 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Key Points

• Trillium Asset Management LLC increased its position in Allegro MicroSystems by 27.2%, owning approximately 326,592 shares worth $8.21 million after purchasing an additional 69,782 shares in the first quarter.
• Several other institutional investors, including Invesco Ltd. and Nuveen LLC, have also raised their stakes in Allegro MicroSystems, indicating strong institutional interest in the company.
• Allegro MicroSystems reported a revenue of $203.41 million for the last quarter, which was above analysts' expectations, showing a 21.9% year-over-year increase.

Trillium Asset Management LLC grew its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 27.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 326,592 shares of the company's stock after acquiring an additional 69,782 shares during the period. Trillium Asset Management LLC owned 0.18% of Allegro MicroSystems worth $8,208,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Schonfeld Strategic Advisors LLC bought a new stake in shares of Allegro MicroSystems during the 4th quarter worth $35,433,000. SG Americas Securities LLC bought a new stake in shares of Allegro MicroSystems during the 1st quarter worth $805,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Allegro MicroSystems by 18.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,883 shares of the company's stock worth $668,000 after buying an additional 4,185 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after buying an additional 504 shares during the period. Finally, Frontier Capital Management Co. LLC bought a new stake in shares of Allegro MicroSystems during the 4th quarter worth $1,994,000. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Price Performance

Shares of ALGM stock traded down $0.76 during mid-day trading on Thursday, reaching $31.10. The company's stock had a trading volume of 915,670 shares, compared to its average volume of 2,835,071. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $38.45. The company has a market cap of $5.75 billion, a P/E ratio of -84.05 and a beta of 1.74. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.26 and a current ratio of 3.70. The firm's 50-day moving average is $33.06 and its two-hundred day moving average is $27.02.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.09 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.09. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The company had revenue of $203.41 million during the quarter, compared to analysts' expectations of $197.82 million. During the same quarter in the prior year, the company posted $0.03 EPS. The business's revenue was up 21.9% on a year-over-year basis. On average, research analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on ALGM. Mizuho upped their target price on shares of Allegro MicroSystems from $37.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Wells Fargo & Company reiterated an "overweight" rating and set a $42.00 target price (up from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. Barclays upped their target price on shares of Allegro MicroSystems from $23.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Needham & Company LLC upped their target price on shares of Allegro MicroSystems from $25.00 to $37.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Bank of America upped their target price on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company an "action list buy" rating in a research note on Thursday, July 10th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $37.56.

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.