FNY Investment Advisers LLC Invests $163,000 in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

FNY Investment Advisers LLC acquired a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 6,500 shares of the company’s stock, valued at approximately $163,000.

A number of other institutional investors have also recently bought and sold shares of ALGM. Raymond James Financial Inc. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter worth about $15,145,000. Schonfeld Strategic Advisors LLC bought a new position in Allegro MicroSystems during the fourth quarter valued at approximately $35,433,000. Keybank National Association OH lifted its stake in Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after acquiring an additional 1,522 shares during the last quarter. Victory Capital Management Inc. grew its position in Allegro MicroSystems by 25.7% in the fourth quarter. Victory Capital Management Inc. now owns 39,536 shares of the company’s stock worth $864,000 after acquiring an additional 8,075 shares in the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth $47,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $31.19 on Tuesday. The company has a market cap of $5.77 billion, a price-to-earnings ratio of -89.11 and a beta of 1.67. The business has a 50 day moving average price of $23.65 and a 200 day moving average price of $23.85. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $33.26.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ALGM shares. Mizuho lifted their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, March 24th. Morgan Stanley raised their target price on Allegro MicroSystems from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, June 9th. Wells Fargo & Company upped their price target on Allegro MicroSystems from $26.00 to $33.00 and gave the stock an “overweight” rating in a research note on Monday. Barclays raised their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Finally, Bank of America initiated coverage on Allegro MicroSystems in a research report on Monday. They set a “buy” rating and a $38.00 target price for the company. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

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.