Frontier Capital Management Co. LLC Invests $1.99 Million in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Frontier Capital Management Co. LLC acquired a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 91,194 shares of the company's stock, valued at approximately $1,994,000.

Several other institutional investors and hedge funds have also made changes to their positions in ALGM. JPMorgan Chase & Co. raised its holdings in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after purchasing an additional 1,884,578 shares during the period. Capital Research Global Investors boosted its stake in Allegro MicroSystems by 6.5% in the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock valued at $126,093,000 after acquiring an additional 353,776 shares during the period. Wellington Management Group LLP raised its position in shares of Allegro MicroSystems by 30.5% during the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after purchasing an additional 934,048 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Allegro MicroSystems by 50.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock worth $59,756,000 after purchasing an additional 911,993 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock valued at $58,244,000 after purchasing an additional 308,943 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

ALGM stock traded down $0.10 during trading hours on Thursday, hitting $26.92. 1,153,322 shares of the stock traded hands, compared to its average volume of 3,382,785. The stock has a 50-day simple moving average of $22.51 and a 200 day simple moving average of $22.80. The company has a market cap of $4.96 billion, a P/E ratio of -76.97 and a beta of 1.57. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $33.26.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ALGM. Mizuho boosted their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, March 24th. Barclays lifted 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. UBS Group increased their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Morgan Stanley boosted their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd. Finally, Needham & Company LLC lowered their price target on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $27.38.

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.