Price T Rowe Associates Inc. MD Has $1.74 Million Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Price T Rowe Associates Inc. MD boosted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 34.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,464 shares of the company's stock after purchasing an additional 20,336 shares during the period. Price T Rowe Associates Inc. MD's holdings in Allegro MicroSystems were worth $1,738,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. TD Waterhouse Canada Inc. acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at $40,000. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter valued at $47,000. Sterling Capital Management LLC lifted its holdings in shares of Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock valued at $161,000 after acquiring an additional 2,758 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in Allegro MicroSystems in the fourth quarter valued at about $186,000. Finally, Bailard Inc. purchased a new position in Allegro MicroSystems in the fourth quarter valued at about $254,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Morgan Stanley raised their price objective 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 boosted their price objective on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Mizuho upped their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. Barclays increased their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, Needham & Company LLC dropped their price objective 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 investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $27.38.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM traded up $0.37 during midday trading on Wednesday, hitting $26.67. The company's stock had a trading volume of 911,880 shares, compared to its average volume of 2,549,083. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $33.26. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of -76.14 and a beta of 1.57. The stock's 50 day simple moving average is $22.52 and its 200 day simple moving average is $22.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

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, topping 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 business had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same period in the previous year, the business earned $0.25 EPS. Allegro MicroSystems's revenue was down 19.9% compared to the same quarter last year. As a group, research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share 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.