AXQ Capital LP Makes New Investment in Allegro MicroSystems, Inc. $ALGM

AXQ Capital LP bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 38,656 shares of the company’s stock, valued at approximately $1,129,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Alliancebernstein L.P. raised its stake in Allegro MicroSystems by 189.4% in the second quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock valued at $94,360,000 after buying an additional 1,806,183 shares during the period. Invesco Ltd. raised its stake in Allegro MicroSystems by 29.3% in the 2nd quarter. Invesco Ltd. now owns 6,254,575 shares of the company’s stock valued at $213,844,000 after acquiring an additional 1,418,934 shares during the period. Norges Bank bought a new stake in Allegro MicroSystems in the 2nd quarter valued at $48,138,000. Raymond James Financial Inc. lifted its holdings in Allegro MicroSystems by 26.4% during the 2nd quarter. Raymond James Financial Inc. now owns 1,255,182 shares of the company’s stock valued at $42,915,000 after purchasing an additional 261,842 shares during the last quarter. Finally, Voya Investment Management LLC boosted its position in Allegro MicroSystems by 31.5% during the third quarter. Voya Investment Management LLC now owns 942,076 shares of the company’s stock worth $27,509,000 after purchasing an additional 225,633 shares during the period. Institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ALGM. TD Cowen raised their target price on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Jefferies Financial Group restated a “buy” rating and set a $45.00 price objective on shares of Allegro MicroSystems in a report on Thursday, February 19th. Evercore upped their target price on Allegro MicroSystems from $37.00 to $49.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Bank of America lifted their price target on Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Finally, Barclays boosted their price target on Allegro MicroSystems from $35.00 to $46.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $45.00.

Allegro MicroSystems Trading Down 1.2%

Shares of Allegro MicroSystems stock opened at $38.48 on Tuesday. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $43.86. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of -481.00 and a beta of 1.63. The firm’s 50-day moving average price is $33.36 and its two-hundred day moving average price is $30.50.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.15 earnings per share 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 during the quarter, compared to the consensus estimate of $220.78 million. During the same quarter in the prior year, the firm posted $0.07 EPS. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. On average, analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

About Allegro MicroSystems

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.