Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stock Position Increased by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 38.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 269,003 shares of the company's stock after purchasing an additional 74,681 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.15% of Allegro MicroSystems worth $5,880,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Waterhouse Canada Inc. acquired a new stake in Allegro MicroSystems during the fourth quarter worth approximately $40,000. Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems during the fourth quarter worth $47,000. Quarry LP purchased a new stake in shares of Allegro MicroSystems in the fourth quarter valued at $79,000. Sterling Capital Management LLC increased its stake in Allegro MicroSystems by 59.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock valued at $161,000 after purchasing an additional 2,758 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in Allegro MicroSystems during the fourth quarter worth approximately $186,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Barclays increased their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Mizuho lifted their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Monday, March 24th. Finally, UBS Group increased their target price on Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $27.38.

Allegro MicroSystems Stock Performance

Shares of ALGM traded down $0.02 during mid-day trading on Thursday, reaching $27.99. 772,289 shares of the company's stock traded hands, compared to its average volume of 2,593,650. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The business's 50-day moving average price is $22.52 and its 200-day moving average price is $23.33. The stock has a market capitalization of $5.18 billion, a P/E ratio of -79.79 and a beta of 1.67. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. The company had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The firm's quarterly revenue was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 EPS. Equities analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share 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.