Lazard Asset Management LLC Grows Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Lazard Asset Management LLC raised its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 22.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 404,702 shares of the company's stock after purchasing an additional 73,439 shares during the period. Lazard Asset Management LLC owned about 0.22% of Allegro MicroSystems worth $8,846,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. JPMorgan Chase & Co. grew its position in shares of Allegro MicroSystems by 20.6% in the third 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 period. Oak Thistle LLC purchased a new position in Allegro MicroSystems in the 4th quarter valued at about $649,000. Avior Wealth Management LLC boosted its holdings in Allegro MicroSystems by 5.3% in the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after buying an additional 737 shares during the last quarter. KBC Group NV boosted its holdings in Allegro MicroSystems by 522.1% in the 4th quarter. KBC Group NV now owns 22,335 shares of the company's stock worth $488,000 after buying an additional 18,745 shares during the last quarter. Finally, Pacer Advisors Inc. increased its stake in Allegro MicroSystems by 14.5% during the 4th 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 in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ALGM shares. Morgan Stanley raised 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 raised their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a report on Friday, May 9th. Mizuho lifted their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. Needham & Company LLC reduced their target price 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. Finally, Barclays raised their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" 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 stock presently has an average rating of "Moderate Buy" and a consensus target price of $27.38.

Allegro MicroSystems Trading Down 0.0%

Shares of NASDAQ ALGM traded down $0.00 during trading on Tuesday, hitting $27.12. 469,025 shares of the company were exchanged, compared to its average volume of 3,343,050. The company has a fifty day moving average price of $22.63 and a 200-day moving average price of $22.91. 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 firm has a market capitalization of $4.99 billion, a PE ratio of -77.48 and a beta of 1.57. 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 issued 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 company 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%. Allegro MicroSystems's quarterly revenue was down 19.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 earnings per share. As a group, equities research analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

About Allegro MicroSystems

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.