Calamos Advisors LLC Takes Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Calamos Advisors LLC purchased a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 18,500 shares of the company’s stock, valued at approximately $560,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC raised its position in Allegro MicroSystems by 13.8% during the third quarter. FMR LLC now owns 9,234,454 shares of the company’s stock valued at $294,948,000 after purchasing an additional 1,121,651 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Allegro MicroSystems by 34.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,319,635 shares of the company’s stock valued at $106,029,000 after purchasing an additional 855,811 shares in the last quarter. JPMorgan Chase & Co. raised its position in Allegro MicroSystems by 21.9% during the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock valued at $129,435,000 after purchasing an additional 727,535 shares in the last quarter. Vanguard Group Inc. raised its position in Allegro MicroSystems by 5.1% during the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock valued at $235,140,000 after purchasing an additional 355,814 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Allegro MicroSystems by 52.1% during the third quarter. The Manufacturers Life Insurance Company now owns 1,020,137 shares of the company’s stock valued at $32,583,000 after purchasing an additional 349,529 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock opened at $26.21 on Tuesday. The company has a quick ratio of 3.19, a current ratio of 4.57 and a debt-to-equity ratio of 0.22. Allegro MicroSystems, Inc. has a twelve month low of $24.66 and a twelve month high of $53.05. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 22.99 and a beta of 1.82. The company’s fifty day moving average is $28.68 and its 200 day moving average is $28.44.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The company had revenue of $254.98 million for the quarter, compared to analysts’ expectations of $255.00 million. Sell-side analysts forecast that Allegro MicroSystems, Inc. will post 1.13 EPS for the current year.

Analyst Upgrades and Downgrades

ALGM has been the subject of several research analyst reports. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research report on Friday, February 2nd. TD Cowen upped their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Needham & Company LLC lowered their price target on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Finally, Evercore ISI began coverage on shares of Allegro MicroSystems in a report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price target for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus target price of $44.50.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.