Allspring Global Investments Holdings LLC Raises Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Allspring Global Investments Holdings LLC increased its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 1,647.1% in the first quarter, HoldingsChannel.com reports. The fund owned 394,572 shares of the company’s stock after buying an additional 371,987 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Allegro MicroSystems were worth $10,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mackenzie Financial Corp raised its stake in Allegro MicroSystems by 2.8% in the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock worth $398,000 after acquiring an additional 491 shares during the last quarter. Fifth Third Bancorp raised its stake in Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company’s stock worth $33,000 after acquiring an additional 504 shares during the last quarter. UMB Bank n.a. raised its stake in Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock worth $36,000 after acquiring an additional 578 shares during the last quarter. Keybank National Association OH raised its stake in Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock worth $257,000 after acquiring an additional 1,522 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in Allegro MicroSystems by 10.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 17,653 shares of the company’s stock worth $386,000 after acquiring an additional 1,687 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 0.7%

ALGM stock opened at $35.98 on Friday. The company has a current ratio of 4.30, a quick ratio of 2.66 and a debt-to-equity ratio of 0.37. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $36.08. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of -92.24 and a beta of 1.75. The business’s 50-day moving average is $27.09 and its 200 day moving average is $24.84.

Allegro MicroSystems (NASDAQ:ALGM) last released its 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 negative net margin of 10.07% and a positive return on equity of 1.04%. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. During the same period last year, the company posted $0.25 EPS. The business’s revenue was down 19.9% on a year-over-year basis. On average, sell-side analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Wells Fargo & Company restated an “overweight” rating and issued a $33.00 target price (up previously from $26.00) on shares of Allegro MicroSystems in a research note on Monday, June 16th. Morgan Stanley increased their price target on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, June 9th. UBS Group increased their price target on Allegro MicroSystems from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, June 16th. Bank of America began coverage on Allegro MicroSystems in a research report on Monday, June 16th. They set a “buy” rating and a $38.00 price target on the stock. Finally, Barclays increased their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.