Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Raymond James & Associates

Raymond James & Associates lowered its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 44.8% in the fourth quarter, HoldingsChannel reports. The fund owned 58,310 shares of the company’s stock after selling 47,349 shares during the quarter. Raymond James & Associates’ holdings in Allegro MicroSystems were worth $1,765,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Allegro MicroSystems by 5.1% during the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock valued at $235,140,000 after acquiring an additional 355,814 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Allegro MicroSystems by 21.9% during the 3rd 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. Robbins Farley purchased a new stake in shares of Allegro MicroSystems during the 3rd quarter worth about $2,144,000. Sei Investments Co. grew its holdings in shares of Allegro MicroSystems by 42.5% during the 3rd quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock worth $12,494,000 after purchasing an additional 116,603 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Allegro MicroSystems by 51.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company’s stock worth $3,941,000 after purchasing an additional 41,999 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ALGM shares. Evercore ISI started coverage on Allegro MicroSystems in a report on Tuesday. They set an “outperform” rating and a $36.00 target price for the company. Needham & Company LLC decreased their target price on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 2nd. TD Cowen boosted 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. Finally, Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.50.

Allegro MicroSystems Stock Up 0.7 %

NASDAQ ALGM opened at $27.18 on Thursday. The stock has a market cap of $5.25 billion, a PE ratio of 23.84 and a beta of 1.82. Allegro MicroSystems, Inc. has a fifty-two week low of $24.66 and a fifty-two week high of $53.05. The business has a 50 day moving average price of $28.98 and a two-hundred day moving average price of $28.55. 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 (NASDAQ:ALGM) last announced its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The company had revenue of $254.98 million for the quarter, compared to analyst estimates of $255.00 million. As a group, sell-side analysts predict that Allegro MicroSystems, Inc. will post 1.13 EPS for the current fiscal year.

Allegro MicroSystems 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.