Candriam S.C.A. Purchases New Position in Allegro MicroSystems, Inc. $ALGM

Candriam S.C.A. bought a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 89,175 shares of the company’s stock, valued at approximately $2,604,000.

Several other hedge funds have also made changes to their positions in the company. Hantz Financial Services Inc. raised its holdings in shares of Allegro MicroSystems by 86.9% in the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after purchasing an additional 419 shares in the last quarter. Retirement Systems of Alabama boosted its position in shares of Allegro MicroSystems by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 200,781 shares of the company’s stock worth $6,865,000 after purchasing an additional 668 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Allegro MicroSystems by 1.8% during the third quarter. Arizona State Retirement System now owns 38,293 shares of the company’s stock worth $1,118,000 after acquiring an additional 685 shares during the last quarter. Teacher Retirement System of Texas grew its position in Allegro MicroSystems by 4.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 19,573 shares of the company’s stock worth $669,000 after purchasing an additional 745 shares during the last quarter. Finally, Alps Advisors Inc. increased its position in shares of Allegro MicroSystems by 3.0% in the 3rd quarter. Alps Advisors Inc. now owns 28,983 shares of the company’s stock valued at $846,000 after acquiring an additional 845 shares during the period. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock opened at $42.81 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.65 and a quick ratio of 2.39. The stock has a market capitalization of $7.93 billion, a price-to-earnings ratio of -535.13 and a beta of 1.63. The business has a 50-day moving average of $31.50 and a 200 day moving average of $30.07. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $43.04.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, January 29th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The company had revenue of $229.21 million for the quarter, compared to analyst estimates of $220.78 million. During the same period in the prior year, the business earned $0.07 EPS. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. As a group, sell-side analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on ALGM. Needham & Company LLC raised their price target on shares of Allegro MicroSystems from $37.00 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Jefferies Financial Group increased their price target on Allegro MicroSystems from $37.00 to $43.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Wells Fargo & Company lifted their target price on shares of Allegro MicroSystems from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday. Morgan Stanley boosted their price target on Allegro MicroSystems from $35.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Friday, January 30th. Finally, TD Cowen increased their price objective on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company a “buy” rating in a report on Friday, January 30th. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.80.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.