Allegro MicroSystems, Inc. $ALGM Position Decreased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. reduced its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 53.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,392 shares of the company’s stock after selling 14,491 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Allegro MicroSystems were worth $362,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quent Capital LLC acquired a new position in Allegro MicroSystems in the third quarter worth approximately $28,000. Nisa Investment Advisors LLC lifted its stake in Allegro MicroSystems by 158.8% during the second quarter. Nisa Investment Advisors LLC now owns 2,210 shares of the company’s stock valued at $76,000 after buying an additional 1,356 shares in the last quarter. TD Waterhouse Canada Inc. lifted its position in shares of Allegro MicroSystems by 82.9% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 3,038 shares of the company’s stock valued at $104,000 after acquiring an additional 1,377 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Allegro MicroSystems by 3,614.0% in the third quarter. Global Retirement Partners LLC now owns 4,494 shares of the company’s stock valued at $131,000 after purchasing an additional 4,373 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Allegro MicroSystems in the 2nd quarter worth about $171,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ALGM shares. Jefferies Financial Group upped their price target on shares of Allegro MicroSystems from $37.00 to $43.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. TD Cowen boosted their target price on Allegro MicroSystems from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Evercore ISI upped their target price on Allegro MicroSystems from $37.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday, October 31st. Bank of America lifted their price target on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Finally, Barclays boosted their price objective on shares of Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.50.

Allegro MicroSystems Stock Up 1.1%

Shares of ALGM stock opened at $38.62 on Friday. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $40.88. The firm has a market cap of $7.16 billion, a PE ratio of -482.75 and a beta of 1.63. The stock has a 50 day moving average of $30.30 and a 200-day moving average of $29.89. 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 (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, January 29th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.01. The business had revenue of $229.21 million for the quarter, compared to the consensus estimate of $220.78 million. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. Allegro MicroSystems’s quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter last year, the company posted $0.07 earnings per share. On average, equities analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Allegro MicroSystems 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.