GAMMA Investing LLC increased its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Free 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.
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
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.
Featured Stories
- Five stocks we like better than Allegro MicroSystems
- 3 Grocery Stocks That Can Help Take a Bite Out of Inflation
- Ignore the Noise—Samsara Stock Is Still a Strong Buy
- Dividend Payout Ratio Calculator
- 3 Stocks Set to Double—And There’s Still Time to Buy
- Insider Buying Explained: What Investors Need to Know
- Analysts Can’t Get Enough of These Little-Known Biopharma Stocks
Want to see what other hedge funds are holding ALGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Allegro MicroSystems, Inc. (NASDAQ:ALGM – Free Report).
Receive News & Ratings for Allegro MicroSystems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegro MicroSystems and related companies with MarketBeat.com's FREE daily email newsletter.