Westfield Capital Management Co. LP Sells 1,944,000 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Key Points

• Westfield Capital Management Co. LP significantly reduced its stake in Allegro MicroSystems by 86.5%, owning approximately 0.16% and valued at $7.63 million after selling 1,944,000 shares during the first quarter.
• Several institutional investors, including Fifth Third Bancorp and UMB Bank n.a., increased their stakes in Allegro MicroSystems, indicating mixed sentiment among institutional shareholders.
• Allegro MicroSystems reported a quarterly revenue of $203.41 million, surpassing analyst estimates, and its earnings per share (EPS) matched expectations at $0.09.

Westfield Capital Management Co. LP lessened its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 86.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 303,672 shares of the company's stock after selling 1,944,000 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.16% of Allegro MicroSystems worth $7,631,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALGM. Schonfeld Strategic Advisors LLC purchased a new stake in Allegro MicroSystems in the 4th quarter worth $35,433,000. SG Americas Securities LLC bought a new stake in shares of Allegro MicroSystems in the first quarter worth about $805,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Allegro MicroSystems by 18.4% in the first 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 in the last quarter. Fifth Third Bancorp boosted its stake in Allegro MicroSystems by 63.7% during the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after buying an additional 504 shares during the last quarter. Finally, Frontier Capital Management Co. LLC purchased a new position in Allegro MicroSystems during the 4th quarter valued at approximately $1,994,000. Institutional investors own 56.45% of the company's stock.

Analyst Ratings Changes

ALGM has been the topic of several recent research reports. TD Cowen decreased their price objective on Allegro MicroSystems from $42.00 to $37.00 and set a "buy" rating on the stock in a report on Friday, August 1st. Needham & Company LLC upped their price target 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. Wall Street Zen upgraded shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Wells Fargo & Company restated an "overweight" rating and issued a $42.00 target price (up from $33.00) on shares of Allegro MicroSystems in a report on Wednesday, July 16th. Finally, Bank of America increased their price target on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company an "action list buy" rating in a report on Thursday, July 10th. One investment 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's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $37.56.

Allegro MicroSystems Trading Down 0.3%

Shares of ALGM traded down $0.09 during midday trading on Thursday, hitting $30.72. The stock had a trading volume of 1,027,662 shares, compared to its average volume of 2,236,965. Allegro MicroSystems, Inc. has a 1 year low of $16.38 and a 1 year high of $38.45. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.70 and a quick ratio of 2.26. The stock's 50 day moving average is $32.69 and its 200 day moving average is $26.84. The firm has a market cap of $5.68 billion, a PE ratio of -83.02 and a beta of 1.74.

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, hitting the consensus estimate of $0.09. The business had revenue of $203.41 million during the quarter, compared to the consensus estimate of $197.82 million. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The firm's quarterly revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 earnings per share. As a group, analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS 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.