Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stock Position Raised by Two Sigma Investments LP

Two Sigma Investments LP increased its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 3.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,434,188 shares of the company's stock after purchasing an additional 54,485 shares during the period. Two Sigma Investments LP owned 0.78% of Allegro MicroSystems worth $31,351,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Avior Wealth Management LLC increased its stake in shares of Allegro MicroSystems by 5.3% in the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock valued at $321,000 after purchasing an additional 737 shares during the period. KBC Group NV raised its holdings in shares of Allegro MicroSystems by 522.1% during the fourth quarter. KBC Group NV now owns 22,335 shares of the company's stock valued at $488,000 after buying an additional 18,745 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Allegro MicroSystems by 14.5% during the fourth quarter. Pacer Advisors Inc. now owns 59,366 shares of the company's stock worth $1,298,000 after buying an additional 7,514 shares during the period. Finally, Lightrock Netherlands B.V. acquired a new position in shares of Allegro MicroSystems during the fourth quarter worth approximately $4,469,000. Institutional investors own 56.45% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ALGM shares. Morgan Stanley lifted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. 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. Needham & Company LLC reduced their price objective on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 9th. 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. Finally, Mizuho boosted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus price target of $27.38.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock traded down $0.49 during midday trading on Monday, hitting $25.42. The company's stock had a trading volume of 1,357,786 shares, compared to its average volume of 2,590,167. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $33.26. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $4.68 billion, a PE ratio of -72.63 and a beta of 1.57. The stock's 50-day moving average price is $22.59 and its 200-day moving average price is $23.05.

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 analysts' consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The business's revenue for the quarter was down 19.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 EPS. Analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal 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.