Lazard Asset Management LLC Raises Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Lazard Asset Management LLC boosted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 22.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 404,702 shares of the company’s stock after purchasing an additional 73,439 shares during the period. Lazard Asset Management LLC owned approximately 0.22% of Allegro MicroSystems worth $8,846,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. LMR Partners LLP purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at about $3,279,000. Janus Henderson Group PLC raised its stake in shares of Allegro MicroSystems by 11.9% during the 4th quarter. Janus Henderson Group PLC now owns 57,329 shares of the company’s stock valued at $1,255,000 after buying an additional 6,100 shares during the last quarter. Kettle Hill Capital Management LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at about $17,991,000. Frontier Capital Management Co. LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at about $1,994,000. Finally, Deutsche Bank AG raised its stake in shares of Allegro MicroSystems by 295.9% during the 4th quarter. Deutsche Bank AG now owns 26,237 shares of the company’s stock valued at $574,000 after buying an additional 19,609 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of Allegro MicroSystems stock opened at $27.02 on Thursday. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $33.26. The business has a 50-day moving average price of $22.51 and a 200 day moving average price of $22.80. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.98 billion, a PE ratio of -77.20 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping the consensus estimate 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 company had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. During the same period in the previous year, the business earned $0.25 EPS. Allegro MicroSystems’s quarterly revenue was down 19.9% on a year-over-year basis. Sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ALGM has been the subject of a number of recent research reports. Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Needham & Company LLC reduced their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, May 9th. UBS Group lifted their price target on Allegro MicroSystems from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Mizuho lifted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. Finally, Barclays lifted their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.38.

About Allegro MicroSystems

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.