GAMMA Investing LLC Grows Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

GAMMA Investing LLC increased its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGMFree Report) by 6,038.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,415 shares of the company’s stock after purchasing an additional 102,714 shares during the period. GAMMA Investing LLC’s holdings in Allegro MicroSystems were worth $2,624,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. TD Waterhouse Canada Inc. purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $40,000. Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $47,000. Quarry LP purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $79,000. Sterling Capital Management LLC raised its holdings in shares of Allegro MicroSystems by 59.9% during the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock valued at $161,000 after purchasing an additional 2,758 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $186,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Performance

ALGM opened at $29.89 on Friday. The firm has a market cap of $5.53 billion, a P/E ratio of -85.40 and a beta of 1.67. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26. The company has a 50 day simple moving average of $23.21 and a two-hundred day simple moving average of $23.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

Allegro MicroSystems (NASDAQ:ALGMGet Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The company’s revenue was down 19.9% on a year-over-year basis. 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 fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ALGM shares. UBS Group boosted their price objective on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 9th. Needham & Company LLC cut 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. Mizuho boosted their target price 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. Morgan Stanley boosted their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Barclays boosted their target price on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.63.

Check Out Our Latest Stock Analysis on ALGM

About Allegro MicroSystems

(Free Report)

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.

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Institutional Ownership by Quarter for Allegro MicroSystems (NASDAQ:ALGM)

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