Meridiem Capital Partners LP Takes Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Meridiem Capital Partners LP purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,150,066 shares of the company's stock, valued at approximately $25,140,000. Allegro MicroSystems accounts for 2.2% of Meridiem Capital Partners LP's investment portfolio, making the stock its 19th biggest holding. Meridiem Capital Partners LP owned about 0.62% of Allegro MicroSystems as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Avior Wealth Management LLC lifted its stake in Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after acquiring an additional 737 shares in the last quarter. Keybank National Association OH lifted its position in shares of Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after purchasing an additional 1,522 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Allegro MicroSystems by 10.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company's stock valued at $386,000 after purchasing an additional 1,687 shares during the period. TD Waterhouse Canada Inc. acquired a new position in shares of Allegro MicroSystems in the fourth quarter valued at approximately $40,000. Finally, Venturi Wealth Management LLC purchased a new stake in Allegro MicroSystems during the 4th quarter worth approximately $47,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded up $0.49 during trading hours on Friday, reaching $27.51. The stock had a trading volume of 2,214,840 shares, compared to its average volume of 2,573,288. The firm has a 50-day moving average of $22.54 and a 200-day moving average of $22.82. The firm has a market cap of $5.07 billion, a price-to-earnings ratio of -78.60 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 fifty-two week low of $16.38 and a fifty-two week high of $33.26.

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 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%. The company's revenue was down 19.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 earnings per share. Equities research analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on ALGM shares. Mizuho boosted their price target 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. Barclays lifted 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. Morgan Stanley increased their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. UBS Group boosted their target price on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Needham & Company LLC dropped their price target on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average 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.