Mackenzie Financial Corp Sells 2,610 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Mackenzie Financial Corp lowered its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 27.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 7,072 shares of the company’s stock after selling 2,610 shares during the period. Mackenzie Financial Corp’s holdings in Allegro MicroSystems were worth $214,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Avantax Advisory Services Inc. raised its holdings in Allegro MicroSystems by 5.3% during the 3rd quarter. Avantax Advisory Services Inc. now owns 7,620 shares of the company’s stock worth $243,000 after purchasing an additional 385 shares during the last quarter. Prosperity Financial Group Inc. raised its position in shares of Allegro MicroSystems by 5.2% in the 3rd quarter. Prosperity Financial Group Inc. now owns 7,996 shares of the company’s stock worth $255,000 after acquiring an additional 395 shares in the last quarter. Tucker Asset Management LLC lifted its stake in shares of Allegro MicroSystems by 46.2% in the 3rd quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock valued at $48,000 after purchasing an additional 474 shares during the period. Covestor Ltd boosted its position in shares of Allegro MicroSystems by 25.4% during the 3rd quarter. Covestor Ltd now owns 2,851 shares of the company’s stock valued at $91,000 after purchasing an additional 578 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its position in shares of Allegro MicroSystems by 10.5% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 7,374 shares of the company’s stock valued at $236,000 after purchasing an additional 700 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 0.5 %

NASDAQ ALGM opened at $30.25 on Tuesday. 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 52 week low of $24.66 and a 52 week high of $53.05. The business has a 50 day moving average price of $28.47 and a 200-day moving average price of $28.38. The company has a market cap of $5.84 billion, a price-to-earnings ratio of 26.54 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, February 1st. The company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The business had revenue of $254.98 million during the quarter, compared to analyst estimates of $255.00 million. As a group, equities analysts expect that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALGM. TD Cowen lifted 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. Evercore ISI assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price objective for the company. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a research report on Friday, February 2nd. Finally, Needham & Company LLC cut their target price on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.50.

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.