Avantax Advisory Services Inc. Invests $278,000 in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Avantax Advisory Services Inc. purchased a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 11,061 shares of the company’s stock, valued at approximately $278,000.

A number of other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp lifted its position in Allegro MicroSystems by 63.7% during the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock worth $33,000 after buying an additional 504 shares in the last quarter. UMB Bank n.a. lifted its position in Allegro MicroSystems by 68.6% during the first quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock worth $36,000 after buying an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. purchased a new position in Allegro MicroSystems during the fourth quarter worth approximately $40,000. DekaBank Deutsche Girozentrale purchased a new position in Allegro MicroSystems during the first quarter worth approximately $71,000. Finally, Quarry LP purchased a new position in Allegro MicroSystems during the fourth quarter worth approximately $79,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $30.77 on Friday. The company has a market cap of $5.69 billion, a price-to-earnings ratio of -83.16 and a beta of 1.74. The stock has a 50 day simple moving average of $32.80 and a 200-day simple moving average of $26.88. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $38.45. The company has a current ratio of 3.70, a quick ratio of 2.26 and a debt-to-equity ratio of 0.34.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.09. The business had revenue of $203.41 million for the quarter, compared to analysts’ expectations of $197.82 million. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%. The company’s revenue was up 21.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 EPS. On average, equities analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ALGM. Barclays lifted their target price on Allegro MicroSystems from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Mizuho lifted their target price on Allegro MicroSystems from $37.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. UBS Group lifted their target price on Allegro MicroSystems from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, July 7th. Morgan Stanley reduced their target price on Allegro MicroSystems from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Friday, August 1st. Finally, Needham & Company LLC lifted their target price on Allegro MicroSystems from $25.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $37.56.

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