SG Americas Securities LLC Makes New Investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

SG Americas Securities LLC bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 32,030 shares of the company’s stock, valued at approximately $805,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ALGM. Capital Research Global Investors raised its position in Allegro MicroSystems by 6.5% during the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock worth $126,093,000 after acquiring an additional 353,776 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock worth $87,302,000 after acquiring an additional 934,048 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Allegro MicroSystems by 50.1% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company’s stock worth $59,756,000 after acquiring an additional 911,993 shares in the last quarter. Paloma Partners Management Co boosted its stake in shares of Allegro MicroSystems by 312.8% in the fourth quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company’s stock valued at $45,989,000 after purchasing an additional 1,594,170 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its stake in shares of Allegro MicroSystems by 31.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,065,879 shares of the company’s stock valued at $45,161,000 after purchasing an additional 491,173 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $31.07 on Friday. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $5.74 billion, a PE ratio of -79.66 and a beta of 1.67. The company has a 50 day moving average price of $24.14 and a two-hundred day moving average price of $24.00. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $185.35 million. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The company’s revenue was down 19.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 earnings per share. As a group, equities analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ALGM has been the topic of a number of research analyst reports. Bank of America began coverage on shares of Allegro MicroSystems in a research note on Monday. They set a “buy” rating and a $38.00 price objective on the stock. UBS Group lifted their price objective on shares of Allegro MicroSystems from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Monday. Mizuho raised their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $33.00 price objective (up previously from $26.00) on shares of Allegro MicroSystems in a research note on Monday. Finally, Needham & Company LLC decreased their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a report on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Allegro MicroSystems presently has an average rating of “Moderate Buy” and an average target price of $30.00.

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.