Raymond James & Associates Reduces Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Raymond James & Associates decreased its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 44.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,310 shares of the company’s stock after selling 47,349 shares during the quarter. Raymond James & Associates’ holdings in Allegro MicroSystems were worth $1,765,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of ALGM. US Bancorp DE grew its holdings in shares of Allegro MicroSystems by 981.5% during the first quarter. US Bancorp DE now owns 2,455 shares of the company’s stock worth $70,000 after buying an additional 2,228 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Allegro MicroSystems by 201.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after buying an additional 774 shares in the last quarter. AlphaCrest Capital Management LLC purchased a new stake in shares of Allegro MicroSystems during the first quarter worth $317,000. MetLife Investment Management LLC purchased a new stake in shares of Allegro MicroSystems during the first quarter worth $74,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Allegro MicroSystems by 88.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 15,437 shares of the company’s stock valued at $438,000 after acquiring an additional 7,248 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 0.7 %

NASDAQ ALGM opened at $27.18 on Thursday. The firm’s 50-day moving average is $28.98 and its two-hundred day moving average is $28.55. Allegro MicroSystems, Inc. has a 12 month low of $24.66 and a 12 month high of $53.05. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. The stock has a market capitalization of $5.25 billion, a P/E ratio of 23.84 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, February 1st. The company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The company had revenue of $254.98 million for the quarter, compared to analysts’ expectations of $255.00 million. On average, sell-side analysts anticipate that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ALGM. TD Cowen boosted their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Wolfe Research raised shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a research report on Friday, February 2nd. Evercore ISI began coverage on shares of Allegro MicroSystems in a research report on Tuesday. They set an “outperform” rating and a $36.00 price target on the stock. Finally, Needham & Company LLC lowered their price target on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.50.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.