Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by KBC Group NV

KBC Group NV decreased its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 72.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,127 shares of the company’s stock after selling 16,208 shares during the quarter. KBC Group NV’s holdings in Allegro MicroSystems were worth $154,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Research Global Investors lifted its holdings in shares of 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 purchasing an additional 353,776 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Allegro MicroSystems by 30.5% during the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock worth $87,302,000 after purchasing an additional 934,048 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Allegro MicroSystems by 50.1% during 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 purchasing an additional 911,993 shares during the period. Paloma Partners Management Co lifted its holdings in shares of Allegro MicroSystems by 312.8% during the fourth quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company’s stock worth $45,989,000 after purchasing an additional 1,594,170 shares during the period. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in shares of Allegro MicroSystems by 31.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,065,879 shares of the company’s stock worth $45,161,000 after purchasing an additional 491,173 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wells Fargo & Company reaffirmed an “overweight” rating and set a $33.00 target price (up previously from $26.00) on shares of Allegro MicroSystems in a report on Monday, June 16th. Morgan Stanley lifted their price target on Allegro MicroSystems from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, June 9th. Needham & Company LLC reduced their price target on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Barclays lifted their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. Finally, Mizuho lifted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, March 24th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.00.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $35.98 on Monday. The stock’s fifty day moving average is $27.43 and its two-hundred day moving average is $24.99. The firm has a market capitalization of $6.65 billion, a P/E ratio of -92.24 and a beta of 1.75. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.66 and a current ratio of 4.30. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $36.08.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. During the same quarter in the prior year, the company posted $0.25 EPS. The company’s quarterly revenue was down 19.9% on a year-over-year basis. On average, research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.