Y Intercept Hong Kong Ltd Acquires Shares of 20,222 Allegro MicroSystems, Inc. $ALGM

Y Intercept Hong Kong Ltd acquired a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 20,222 shares of the company’s stock, valued at approximately $590,000.

Other large investors have also recently made changes to their positions in the company. Invesco Ltd. increased its holdings in Allegro MicroSystems by 29.3% in the second quarter. Invesco Ltd. now owns 6,254,575 shares of the company’s stock valued at $213,844,000 after buying an additional 1,418,934 shares in the last quarter. State Street Corp increased its stake in shares of Allegro MicroSystems by 2.1% in the 2nd quarter. State Street Corp now owns 5,193,001 shares of the company’s stock valued at $177,549,000 after purchasing an additional 108,402 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Allegro MicroSystems by 189.4% in the 2nd quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock valued at $94,360,000 after purchasing an additional 1,806,183 shares in the last quarter. Geode Capital Management LLC raised its holdings in Allegro MicroSystems by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,405,986 shares of the company’s stock worth $82,274,000 after purchasing an additional 17,902 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its position in Allegro MicroSystems by 3.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 2,177,560 shares of the company’s stock worth $74,451,000 after purchasing an additional 69,137 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ALGM shares. Mizuho set a $38.00 target price on Allegro MicroSystems in a research report on Tuesday, December 16th. Evercore ISI increased their price objective on shares of Allegro MicroSystems from $37.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Needham & Company LLC boosted their target price on shares of Allegro MicroSystems from $37.00 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Allegro MicroSystems in a research note on Monday, December 29th. Finally, Bank of America lifted their price objective on Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.50.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $38.89 on Wednesday. The firm has a 50-day simple moving average of $29.79 and a 200-day simple moving average of $29.77. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of -486.13 and a beta of 1.63. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $39.89.

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, beating the consensus estimate 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 company had revenue of $229.21 million during the quarter, compared to analysts’ expectations of $220.78 million. During the same quarter in the prior year, the company earned $0.07 EPS. Allegro MicroSystems’s revenue was up 28.9% compared to the same quarter last year. On average, equities analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Allegro MicroSystems Company 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.