Allegro MicroSystems, Inc. (NASDAQ:ALGM) Holdings Lifted by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC increased its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 21.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 637,571 shares of the company’s stock after buying an additional 114,476 shares during the quarter. Silvercrest Asset Management Group LLC owned 0.35% of Allegro MicroSystems worth $13,937,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. JPMorgan Chase & Co. grew its holdings in shares of Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after buying an additional 1,884,578 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of Allegro MicroSystems by 6.5% during the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock valued at $126,093,000 after buying an additional 353,776 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Allegro MicroSystems by 30.5% during the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock valued at $87,302,000 after buying an additional 934,048 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Allegro MicroSystems by 50.1% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company’s stock valued at $59,756,000 after buying an additional 911,993 shares in the last quarter. Finally, Paloma Partners Management Co raised its holdings in shares of Allegro MicroSystems by 312.8% during the fourth quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company’s stock worth $45,989,000 after acquiring an additional 1,594,170 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGM has been the subject of a number of research reports. UBS Group lifted their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Barclays lifted their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. 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 report on Friday, May 9th. Mizuho lifted their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday, March 24th. Finally, 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 report on Monday, February 3rd. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $27.38.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $27.51 on Friday. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $33.26. The business has a 50-day moving average of $22.58 and a two-hundred day moving average of $22.85. The stock has a market capitalization of $5.07 billion, a P/E ratio of -78.60 and a beta of 1.57. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share 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 company had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $185.35 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The business’s quarterly revenue was down 19.9% compared to the same quarter last year. On average, equities research analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

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.