GAMMA Investing LLC Purchases 102,714 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

GAMMA Investing LLC boosted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 6,038.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 104,415 shares of the company’s stock after acquiring an additional 102,714 shares during the period. GAMMA Investing LLC owned 0.06% of Allegro MicroSystems worth $2,624,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ALGM. TD Waterhouse Canada Inc. bought a new position in Allegro MicroSystems in the fourth quarter worth about $40,000. Venturi Wealth Management LLC bought a new position in Allegro MicroSystems in the fourth quarter worth about $47,000. Quarry LP bought a new position in Allegro MicroSystems in the fourth quarter worth about $79,000. Sterling Capital Management LLC raised its stake in Allegro MicroSystems by 59.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock worth $161,000 after buying an additional 2,758 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in Allegro MicroSystems in the fourth quarter worth about $186,000. Institutional investors own 56.45% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Needham & Company LLC dropped their price objective on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Barclays boosted their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Mizuho boosted their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Monday, March 24th. UBS Group boosted their price objective on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Morgan Stanley boosted their price objective on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $27.63.

Allegro MicroSystems Trading Down 0.5%

Shares of NASDAQ ALGM opened at $29.89 on Friday. The firm’s 50 day moving average price is $23.21 and its 200-day moving average price is $23.70. The company has a market cap of $5.53 billion, a PE ratio of -85.40 and a beta of 1.67. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $33.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.01. The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. Allegro MicroSystems had a negative net margin of 8.45% and a positive return on equity of 4.31%. The business’s revenue was down 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.25 earnings per share. On average, equities research analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.