ArrowMark Colorado Holdings LLC Sells 77,728 Shares of Allegro MicroSystems, Inc. $ALGM

ArrowMark Colorado Holdings LLC trimmed its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 34.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 149,649 shares of the company’s stock after selling 77,728 shares during the quarter. ArrowMark Colorado Holdings LLC owned about 0.08% of Allegro MicroSystems worth $4,370,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Hantz Financial Services Inc. grew its holdings in Allegro MicroSystems by 86.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after buying an additional 419 shares in the last quarter. Quent Capital LLC purchased a new position in shares of Allegro MicroSystems in the third quarter valued at $28,000. TD Waterhouse Canada Inc. grew its holdings in shares of Allegro MicroSystems by 82.9% in the second quarter. TD Waterhouse Canada Inc. now owns 3,038 shares of the company’s stock valued at $104,000 after purchasing an additional 1,377 shares in the last quarter. Nisa Investment Advisors LLC increased its position in Allegro MicroSystems by 78.5% in the third quarter. Nisa Investment Advisors LLC now owns 3,945 shares of the company’s stock worth $115,000 after purchasing an additional 1,735 shares during the last quarter. Finally, Global Retirement Partners LLC increased its position in Allegro MicroSystems by 3,614.0% in the third quarter. Global Retirement Partners LLC now owns 4,494 shares of the company’s stock worth $131,000 after purchasing an additional 4,373 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Down 0.1%

NASDAQ:ALGM opened at $31.13 on Monday. The company has a market cap of $5.77 billion, a price-to-earnings ratio of -389.13 and a beta of 1.64. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $43.86. The company has a current ratio of 3.65, a quick ratio of 2.39 and a debt-to-equity ratio of 0.30. The stock has a fifty day simple moving average of $35.56 and a 200-day simple moving average of $30.82.

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

Analyst Ratings Changes

Several equities analysts have commented on the stock. Morgan Stanley upgraded shares of Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 price objective for the company in a research report on Friday, February 13th. TD Cowen boosted their target price on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Jefferies Financial Group restated a “buy” rating and set a $45.00 target price on shares of Allegro MicroSystems in a research report on Thursday, February 19th. Wall Street Zen raised shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, January 18th. Finally, Needham & Company LLC lifted their price target on Allegro MicroSystems from $41.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, February 19th. 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

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.