DekaBank Deutsche Girozentrale Has $259,000 Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

DekaBank Deutsche Girozentrale cut its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 46.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,559 shares of the company’s stock after selling 7,432 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Allegro MicroSystems were worth $259,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALGM. FMR LLC increased its position in Allegro MicroSystems by 13.8% in the third quarter. FMR LLC now owns 9,234,454 shares of the company’s stock worth $294,948,000 after purchasing an additional 1,121,651 shares during the period. Vanguard Group Inc. increased its position in Allegro MicroSystems by 5.1% in the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after purchasing an additional 355,814 shares during the period. BlackRock Inc. increased its position in Allegro MicroSystems by 2.1% in the second quarter. BlackRock Inc. now owns 6,004,945 shares of the company’s stock worth $271,063,000 after purchasing an additional 123,151 shares during the period. Invesco Ltd. increased its position in Allegro MicroSystems by 4.3% in the first quarter. Invesco Ltd. now owns 4,152,293 shares of the company’s stock worth $117,924,000 after purchasing an additional 170,171 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Allegro MicroSystems by 21.9% in the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after purchasing an additional 727,535 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ALGM has been the topic of a number of recent analyst reports. TD Cowen raised their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Needham & Company LLC reduced their target price on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Evercore ISI initiated coverage on Allegro MicroSystems in a report on Tuesday. They set an “outperform” rating and a $36.00 target price on the stock. Finally, Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $44.50.

Allegro MicroSystems Trading Up 2.8 %

NASDAQ:ALGM opened at $27.00 on Wednesday. Allegro MicroSystems, Inc. has a fifty-two week low of $24.66 and a fifty-two week 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 $5.21 billion, a PE ratio of 23.68 and a beta of 1.82. The business’s 50-day simple moving average is $29.03 and its 200-day simple moving average is $28.56.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data 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. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The business had revenue of $254.98 million for the quarter, compared to analysts’ expectations of $255.00 million. Sell-side analysts expect that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current fiscal 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.