Level Four Advisory Services LLC Purchases Shares of 9,656 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Level Four Advisory Services LLC acquired a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 9,656 shares of the company’s stock, valued at approximately $463,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. FMR LLC increased its holdings in shares of Allegro MicroSystems by 43.3% in the first quarter. FMR LLC now owns 8,058,071 shares of the company’s stock valued at $386,707,000 after purchasing an additional 2,436,308 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Allegro MicroSystems by 4.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,633,415 shares of the company’s stock worth $144,940,000 after buying an additional 263,189 shares during the period. Invesco Ltd. grew its stake in Allegro MicroSystems by 4.3% in the 1st quarter. Invesco Ltd. now owns 4,152,293 shares of the company’s stock valued at $117,924,000 after buying an additional 170,171 shares during the last quarter. Clearbridge Investments LLC raised its holdings in Allegro MicroSystems by 18.6% in the 1st quarter. Clearbridge Investments LLC now owns 4,029,946 shares of the company’s stock valued at $114,450,000 after acquiring an additional 632,036 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Allegro MicroSystems by 3.1% during the first quarter. JPMorgan Chase & Co. now owns 3,134,307 shares of the company’s stock worth $150,415,000 after acquiring an additional 93,540 shares during the last quarter. 50.63% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Barclays upped their target price on Allegro MicroSystems from $50.00 to $60.00 in a research report on Thursday, July 20th. Wolfe Research initiated coverage on Allegro MicroSystems in a research report on Wednesday, July 19th. They set a “market perform” rating on the stock. Mizuho boosted their target price on shares of Allegro MicroSystems from $50.00 to $56.00 in a research report on Thursday, July 20th. Wells Fargo & Company raised their price target on shares of Allegro MicroSystems from $52.00 to $60.00 in a research report on Wednesday, July 26th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective on shares of Allegro MicroSystems in a report on Wednesday, August 9th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.33.

Allegro MicroSystems Stock Down 3.0 %

ALGM stock opened at $32.79 on Monday. Allegro MicroSystems, Inc. has a 52 week low of $19.80 and a 52 week high of $53.05. The business has a 50-day simple moving average of $41.96 and a 200 day simple moving average of $41.98. The company has a quick ratio of 3.43, a current ratio of 4.56 and a debt-to-equity ratio of 0.02. The company has a market cap of $6.31 billion, a PE ratio of 26.88 and a beta of 1.80.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Tuesday, August 1st. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.32 by $0.02. The company had revenue of $278.29 million during the quarter, compared to analysts’ expectations of $275.00 million. Allegro MicroSystems had a net margin of 23.67% and a return on equity of 26.17%. Sell-side analysts anticipate that Allegro MicroSystems, Inc. will post 1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Joseph R. Martin sold 17,000 shares of Allegro MicroSystems stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $38.73, for a total value of $658,410.00. Following the transaction, the director now owns 22,374 shares in the company, valued at approximately $866,545.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 9.70% of the company’s stock.

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