Lecap Asset Management Ltd. Invests $783,000 in Allegro MicroSystems, Inc. $ALGM
by Amy Steele · The Cerbat GemLecap Asset Management Ltd. bought a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 29,696 shares of the company’s stock, valued at approximately $783,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada grew its position in shares of Allegro MicroSystems by 70.0% during the 1st quarter. Royal Bank of Canada now owns 117,923 shares of the company’s stock valued at $2,964,000 after purchasing an additional 48,554 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of Allegro MicroSystems in the first quarter worth $325,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Allegro MicroSystems by 31.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company’s stock worth $8,911,000 after buying an additional 85,607 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Allegro MicroSystems by 24.0% in the second quarter. Prudential Financial Inc. now owns 15,684 shares of the company’s stock worth $536,000 after buying an additional 3,040 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Allegro MicroSystems by 5.4% during the second quarter. First Trust Advisors LP now owns 576,478 shares of the company’s stock valued at $19,710,000 after buying an additional 29,531 shares during the period. 56.45% of the stock is currently owned by institutional investors.
Allegro MicroSystems Price Performance
ALGM opened at $40.00 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.65 and a quick ratio of 2.39. The stock’s 50 day simple moving average is $35.39 and its 200 day simple moving average is $31.38. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of -500.00 and a beta of 1.70. Allegro MicroSystems, Inc. has a 1 year low of $16.38 and a 1 year high of $43.86.
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The firm had revenue of $229.21 million for the quarter, compared to analysts’ expectations of $220.78 million. During the same quarter in the previous year, the company earned $0.07 earnings per share. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.
Wall Street Analyst Weigh In
Several brokerages have recently commented on ALGM. Jefferies Financial Group reissued a “buy” rating and set a $45.00 price objective on shares of Allegro MicroSystems in a report on Thursday, February 19th. Needham & Company LLC raised their target price on shares of Allegro MicroSystems from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. TD Cowen lifted their target price on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Wells Fargo & Company boosted their price target on shares of Allegro MicroSystems from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Finally, Bank of America increased their price target on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.
Check Out Our Latest Report on Allegro MicroSystems
Allegro MicroSystems Company Profile
Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.
Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.
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