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Nov 10, 2023

Martingale Asset Management L P Acquires New Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Martingale Asset Management L P acquired a new stake in shares of Allegro

Martingale Asset Management L P acquired a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Rating) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,285 shares of the company's stock, valued at approximately $219,000.

Other hedge funds also recently bought and sold shares of the company. Signaturefd LLC increased its position in Allegro MicroSystems by 134.1% in the third quarter. Signaturefd LLC now owns 1,365 shares of the company's stock worth $30,000 after buying an additional 782 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company's stock worth $33,000 after buying an additional 774 shares in the last quarter. Quadrant Capital Group LLC increased its position in Allegro MicroSystems by 172.6% in the fourth quarter. Quadrant Capital Group LLC now owns 1,524 shares of the company's stock worth $46,000 after buying an additional 965 shares in the last quarter. CWM LLC boosted its holdings in Allegro MicroSystems by 21.8% in the 4th quarter. CWM LLC now owns 1,863 shares of the company's stock worth $56,000 after buying an additional 333 shares during the period. Finally, US Bancorp DE increased its stake in Allegro MicroSystems by 981.5% in the 1st quarter. US Bancorp DE now owns 2,455 shares of the company's stock worth $70,000 after buying an additional 2,228 shares in the last quarter. Hedge funds and other institutional investors own 46.89% of the company's stock.

A number of equities research analysts have commented on ALGM shares. Barclays raised their price target on Allegro MicroSystems from $44.00 to $50.00 and gave the company an "overweight" rating in a report on Tuesday, March 14th. Wells Fargo & Company raised their price target on Allegro MicroSystems from $43.00 to $52.00 in a report on Thursday, March 9th. TheStreet cut Allegro MicroSystems from a "b-" rating to a "c+" rating in a report on Thursday, May 18th. Needham & Company LLC raised their price target on Allegro MicroSystems from $42.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, March 15th. Finally, Mizuho lifted their target price on Allegro MicroSystems from $48.00 to $50.00 in a report on Friday, May 12th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $48.33.

Shares of ALGM stock opened at $39.50 on Friday. Allegro MicroSystems, Inc. has a 12-month low of $19.20 and a 12-month high of $48.72. The company has a current ratio of 4.03, a quick ratio of 3.11 and a debt-to-equity ratio of 0.03. The stock's 50-day moving average price is $40.44 and its 200-day moving average price is $38.42. The stock has a market capitalization of $7.57 billion, a price-to-earnings ratio of 41.15 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM - Get Rating) last released its quarterly earnings results on Wednesday, May 10th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.32 by $0.01. The company had revenue of $240.53 million during the quarter, compared to analyst estimates of $265.00 million. Allegro MicroSystems had a return on equity of 22.37% and a net margin of 19.83%. Equities research analysts predict that Allegro MicroSystems, Inc. will post 1.22 EPS for the current fiscal year.

Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.

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