Pier Capital LLC Sells 27,035 Shares of Allegro MicroSystems, Inc. $ALGM

Pier Capital LLC trimmed its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 10.3% in the third quarter, Holdings Channel reports. The institutional investor owned 235,118 shares of the company’s stock after selling 27,035 shares during the period. Pier Capital LLC’s holdings in Allegro MicroSystems were worth $6,865,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in ALGM. Hantz Financial Services Inc. grew its position in Allegro MicroSystems by 86.9% during the third quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock worth $26,000 after buying an additional 419 shares in the last quarter. Quent Capital LLC acquired a new position in Allegro MicroSystems in the 3rd quarter valued at $28,000. TD Waterhouse Canada Inc. raised its holdings in 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. Nisa Investment Advisors LLC lifted its position in shares of Allegro MicroSystems by 78.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,945 shares of the company’s stock valued at $115,000 after acquiring an additional 1,735 shares during the period. Finally, Global Retirement Partners LLC lifted its position in shares of Allegro MicroSystems by 3,614.0% during the 3rd quarter. Global Retirement Partners LLC now owns 4,494 shares of the company’s stock valued at $131,000 after acquiring an additional 4,373 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Trading Down 5.7%

Shares of ALGM opened at $31.16 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.39 and a current ratio of 3.65. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $43.86. The firm has a market cap of $5.77 billion, a price-to-earnings ratio of -389.50 and a beta of 1.64. The business’s fifty day moving average is $35.47 and its 200-day moving average is $30.84.

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ALGM shares. Barclays raised their price target on Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. UBS Group upped their price objective on shares of Allegro MicroSystems from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Needham & Company LLC increased their price objective on shares of Allegro MicroSystems from $41.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, February 19th. TD Cowen raised their target price 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. Finally, Mizuho set a $38.00 target price on shares of Allegro MicroSystems in a research report on Tuesday, December 16th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.