Wellington Management Group LLP Raises Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Wellington Management Group LLP boosted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 30.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,993,682 shares of the company's stock after buying an additional 934,048 shares during the period. Wellington Management Group LLP owned 2.17% of Allegro MicroSystems worth $87,302,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems during the fourth quarter worth $40,000. Venturi Wealth Management LLC purchased a new stake in Allegro MicroSystems in the fourth quarter valued at $47,000. Quarry LP purchased a new stake in Allegro MicroSystems in the fourth quarter valued at $79,000. Sterling Capital Management LLC raised its position 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 period. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Allegro MicroSystems in the fourth quarter valued at $186,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Trading Down 2.2%

Shares of ALGM stock traded down $0.56 on Friday, hitting $25.19. The stock had a trading volume of 1,704,200 shares, compared to its average volume of 2,593,224. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The firm has a market capitalization of $4.66 billion, a P/E ratio of -71.97 and a beta of 1.57. Allegro MicroSystems, Inc. has a 1 year low of $16.38 and a 1 year high of $33.26. The company's 50 day moving average price is $22.45 and its 200-day moving average price is $23.18.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same quarter in the previous year, the business earned $0.25 EPS. The company's quarterly revenue was down 19.9% compared to the same quarter last year. Analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Needham & Company LLC reduced their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. 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 report on Monday, February 3rd. UBS Group lifted their target price on Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Barclays lifted their target price on 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 lifted their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $27.38.

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.