Woodline Partners LP Grows Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Woodline Partners LP boosted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 18.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,833,705 shares of the company’s stock after purchasing an additional 285,573 shares during the period. Woodline Partners LP owned about 1.00% of Allegro MicroSystems worth $40,085,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. bought a new position in shares of Allegro MicroSystems in the fourth quarter valued at approximately $40,000. Venturi Wealth Management LLC purchased a new position in Allegro MicroSystems in the fourth quarter worth $47,000. Quarry LP bought a new position in Allegro MicroSystems in the 4th quarter valued at $79,000. Sterling Capital Management LLC increased its position in shares of Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock valued at $161,000 after purchasing an additional 2,758 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Allegro MicroSystems during the 4th quarter worth $186,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Up 0.5%

Allegro MicroSystems stock opened at $27.26 on Wednesday. The firm has a 50 day simple moving average of $22.65 and a 200 day simple moving average of $22.94. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a 1-year low of $16.38 and a 1-year high of $33.26. The firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of -77.89 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The firm had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. During the same period last year, the company earned $0.25 earnings per share. The business’s revenue for the quarter was down 19.9% on a year-over-year basis. On average, analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on ALGM. UBS Group raised their price objective on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Morgan Stanley lifted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Mizuho increased their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, March 24th. Barclays raised their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Finally, Needham & Company LLC dropped their price target on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.38.

Allegro MicroSystems Company 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.