Envestnet Asset Management Inc. Raises Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Envestnet Asset Management Inc. lifted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 36.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 104,966 shares of the company’s stock after buying an additional 28,179 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of Allegro MicroSystems worth $2,638,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ALGM. Mackenzie Financial Corp lifted its stake in Allegro MicroSystems by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock valued at $398,000 after acquiring an additional 491 shares during the period. Fifth Third Bancorp lifted its stake in shares of Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock valued at $33,000 after purchasing an additional 504 shares during the period. UMB Bank n.a. lifted its stake in shares of Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock valued at $36,000 after purchasing an additional 578 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of Allegro MicroSystems by 10.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company’s stock valued at $386,000 after purchasing an additional 1,687 shares during the period. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Barclays lifted their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Needham & Company LLC reduced their price objective on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Mizuho upped their price objective on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. UBS Group upped their price objective on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Finally, Morgan Stanley upped 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 report on Monday, June 9th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Buy” and an average target price of $33.63.

Allegro MicroSystems Trading Up 2.0%

NASDAQ:ALGM opened at $34.37 on Tuesday. The company has a market capitalization of $6.36 billion, a PE ratio of -88.13 and a beta of 1.75. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $38.45. The stock has a fifty day simple moving average of $31.76 and a 200-day simple moving average of $26.44.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping 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 positive return on equity of 1.04% and a negative net margin of 10.07%. The firm’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 EPS. On average, equities research analysts expect that Allegro MicroSystems, Inc. will post 0.01 earnings per share 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.