US Bancorp DE Boosts Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

US Bancorp DE boosted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 304.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,946 shares of the company’s stock after acquiring an additional 7,486 shares during the period. US Bancorp DE’s holdings in Allegro MicroSystems were worth $250,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ALGM. Raymond James Financial Inc. purchased a new stake in Allegro MicroSystems during the fourth quarter valued at approximately $15,145,000. Sterling Capital Management LLC increased its stake in Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock valued at $161,000 after purchasing an additional 2,758 shares in the last quarter. Barclays PLC increased its stake in Allegro MicroSystems by 106.7% during the 4th quarter. Barclays PLC now owns 156,325 shares of the company’s stock valued at $3,417,000 after purchasing an additional 80,705 shares in the last quarter. Marshall Wace LLP acquired a new position in Allegro MicroSystems during the 4th quarter valued at approximately $1,371,000. Finally, Dimensional Fund Advisors LP increased its stake in Allegro MicroSystems by 30.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,719,274 shares of the company’s stock valued at $37,582,000 after purchasing an additional 404,761 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on ALGM shares. UBS Group upped their price target on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, July 7th. TD Cowen cut their price target on shares of Allegro MicroSystems from $42.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, August 1st. Bank of America upped their price target on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company an “action list buy” rating in a research note on Thursday, July 10th. Wells Fargo & Company reiterated an “overweight” rating and issued a $42.00 price objective (up previously from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. Finally, Needham & Company LLC increased their price objective on shares of Allegro MicroSystems from $25.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. One 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $37.56.

Allegro MicroSystems Stock Down 2.4%

NASDAQ:ALGM opened at $31.10 on Friday. The firm has a market capitalization of $5.75 billion, a P/E ratio of -84.05 and a beta of 1.74. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $38.45. The company’s fifty day moving average price is $33.12 and its 200-day moving average price is $27.07. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.70 and a quick ratio of 2.26.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.09 EPS for the quarter, meeting the consensus estimate of $0.09. The company had revenue of $203.41 million for the quarter, compared to analyst estimates of $197.82 million. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The firm’s revenue was up 21.9% on a year-over-year basis. During the same quarter last year, the business earned $0.03 earnings per share. As a group, equities research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS 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.