PNC Financial Services Group Inc. Purchases 1,092 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

PNC Financial Services Group Inc. lifted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 7.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,353 shares of the company’s stock after acquiring an additional 1,092 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Allegro MicroSystems were worth $411,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in ALGM. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems during the fourth quarter worth $35,433,000. Paloma Partners Management Co lifted its holdings 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 in the last quarter. Segall Bryant & Hamill LLC bought a new stake in shares of Allegro MicroSystems in the first quarter valued at about $32,959,000. Meridiem Capital Partners LP bought a new stake in Allegro MicroSystems during the fourth quarter worth about $25,140,000. Finally, Wellington Management Group LLP raised its holdings in 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 acquiring an additional 934,048 shares in the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $31.10 on Friday. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of -84.05 and a beta of 1.74. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $38.45. The stock has a fifty day simple moving average of $33.12 and a 200 day simple moving average of $27.07. The company has a quick ratio of 2.26, a current ratio of 3.70 and a debt-to-equity ratio of 0.34.

Allegro MicroSystems (NASDAQ:ALGM) last issued 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. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%. The firm had revenue of $203.41 million during the quarter, compared to the consensus estimate of $197.82 million. During the same period last year, the business posted $0.03 EPS. The business’s revenue was up 21.9% compared to the same quarter last year. Sell-side analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ALGM. Wells Fargo & Company reiterated an “overweight” rating and set a $42.00 target price (up previously from $33.00) on shares of Allegro MicroSystems in a report on Wednesday, July 16th. Bank of America upped their target price on Allegro MicroSystems from $38.00 to $45.00 and gave the company an “action list buy” rating in a research report on Thursday, July 10th. Mizuho boosted their price target on Allegro MicroSystems from $37.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Needham & Company LLC upped their target price on Allegro MicroSystems from $25.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Finally, UBS Group upped their target price on Allegro MicroSystems from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Allegro MicroSystems currently has a consensus rating of “Buy” and an average target price of $37.56.

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.