Robbins Farley Reduces Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Robbins Farley lowered its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 12.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 59,006 shares of the company’s stock after selling 8,135 shares during the quarter. Robbins Farley’s holdings in Allegro MicroSystems were worth $1,786,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC raised its position in shares of Allegro MicroSystems by 13.8% in the 3rd quarter. FMR LLC now owns 9,234,454 shares of the company’s stock worth $294,948,000 after acquiring an additional 1,121,651 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Allegro MicroSystems by 5.1% in the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after acquiring an additional 355,814 shares in the last quarter. BlackRock Inc. raised its position in shares of Allegro MicroSystems by 2.1% in the 2nd quarter. BlackRock Inc. now owns 6,004,945 shares of the company’s stock worth $271,063,000 after acquiring an additional 123,151 shares in the last quarter. Invesco Ltd. raised its position in shares of Allegro MicroSystems by 4.3% in the 1st quarter. Invesco Ltd. now owns 4,152,293 shares of the company’s stock worth $117,924,000 after acquiring an additional 170,171 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Allegro MicroSystems by 21.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after acquiring an additional 727,535 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ALGM. Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research report on Friday, February 2nd. TD Cowen raised their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Evercore ISI assumed coverage on Allegro MicroSystems in a research report on Tuesday. They set an “outperform” rating and a $36.00 price objective for the company. Finally, Needham & Company LLC reduced their price objective on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.50.

Allegro MicroSystems Stock Down 1.2 %

Shares of Allegro MicroSystems stock traded down $0.32 on Friday, reaching $26.09. The company’s stock had a trading volume of 1,724,732 shares, compared to its average volume of 1,202,681. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of 22.89 and a beta of 1.82. The firm’s fifty day simple moving average is $28.79 and its two-hundred day simple moving average is $28.50. Allegro MicroSystems, Inc. has a 52 week low of $24.66 and a 52 week high of $53.05. The company has a quick ratio of 3.19, a current ratio of 4.57 and a debt-to-equity ratio of 0.22.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, February 1st. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The business had revenue of $254.98 million during the quarter, compared to analyst estimates of $255.00 million. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. Equities analysts anticipate that Allegro MicroSystems, Inc. will post 1.13 earnings per share 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.