Royce & Associates LP Acquires New Stake in Allegro MicroSystems, Inc. $ALGM

Royce & Associates LP acquired a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the third quarter, HoldingsChannel reports. The firm acquired 102,230 shares of the company’s stock, valued at approximately $2,985,000.

Several other institutional investors have also recently added to or reduced their stakes in ALGM. Candriam S.C.A. purchased a new stake in shares of Allegro MicroSystems during the third quarter worth about $2,604,000. Geode Capital Management LLC boosted its position in Allegro MicroSystems by 0.7% during the second quarter. Geode Capital Management LLC now owns 2,405,986 shares of the company’s stock worth $82,274,000 after acquiring an additional 17,902 shares during the last quarter. Vanguard Group Inc. boosted its position in Allegro MicroSystems by 0.6% during the third quarter. Vanguard Group Inc. now owns 14,293,465 shares of the company’s stock worth $417,369,000 after acquiring an additional 87,526 shares during the last quarter. Norges Bank purchased a new stake in Allegro MicroSystems in the 2nd quarter worth approximately $48,138,000. Finally, Entropy Technologies LP acquired a new position in Allegro MicroSystems in the 2nd quarter valued at $644,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $32.78 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.65 and a quick ratio of 2.39. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $43.86. The firm has a market capitalization of $6.07 billion, a P/E ratio of -409.75 and a beta of 1.64. The business’s 50-day simple moving average is $34.89 and its 200-day simple moving average is $30.79.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, January 29th. The company reported $0.15 earnings per share (EPS) 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 firm 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 company earned $0.07 EPS. The company’s revenue was up 28.9% on a year-over-year basis. Equities analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on ALGM. Wells Fargo & Company raised their price objective on Allegro MicroSystems from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Bank of America increased their target price on Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Barclays raised their price target on Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Allegro MicroSystems in a research note on Monday, December 29th. Finally, 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 report on Friday, January 30th. Ten research 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.