Mirae Asset Global Investments Co. Ltd. Has $4.72 Million Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 2.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 155,947 shares of the company’s stock after selling 3,505 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Allegro MicroSystems were worth $4,721,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Raymond James & Associates lifted its stake in Allegro MicroSystems by 6.3% in the 1st quarter. Raymond James & Associates now owns 43,038 shares of the company’s stock valued at $1,222,000 after purchasing an additional 2,550 shares during the last quarter. US Bancorp DE lifted its stake in Allegro MicroSystems by 981.5% in the 1st quarter. US Bancorp DE now owns 2,455 shares of the company’s stock valued at $70,000 after purchasing an additional 2,228 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Allegro MicroSystems by 201.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock valued at $33,000 after purchasing an additional 774 shares during the last quarter. AlphaCrest Capital Management LLC acquired a new stake in Allegro MicroSystems in the 1st quarter valued at about $317,000. Finally, MetLife Investment Management LLC acquired a new stake in Allegro MicroSystems in the 1st quarter valued at about $74,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALGM has been the subject of several recent analyst reports. Needham & Company LLC cut their target price on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research note on Friday, February 2nd. Finally, TD Cowen raised their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $45.71.

Allegro MicroSystems Stock Down 2.2 %

Allegro MicroSystems stock opened at $26.26 on Tuesday. The stock has a market cap of $5.07 billion, a P/E ratio of 23.04 and a beta of 1.82. The company has a quick ratio of 3.19, a current ratio of 4.57 and a debt-to-equity ratio of 0.22. Allegro MicroSystems, Inc. has a twelve month low of $24.66 and a twelve month high of $53.05. The company’s 50-day moving average price is $29.09 and its two-hundred day moving average price is $28.60.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $254.98 million for the quarter, compared to analysts’ expectations of $255.00 million. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. As a group, analysts expect that Allegro MicroSystems, Inc. will post 1.13 EPS 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.