Vontobel Holding Ltd. Grows Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Vontobel Holding Ltd. increased its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 26.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 116,053 shares of the company’s stock after buying an additional 24,629 shares during the quarter. Vontobel Holding Ltd. owned about 0.06% of Allegro MicroSystems worth $3,513,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ALGM. State of Wyoming purchased a new stake in Allegro MicroSystems in the 2nd quarter valued at approximately $28,000. Altshuler Shaham Ltd purchased a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $32,000. Harbour Investments Inc. purchased a new stake in shares of Allegro MicroSystems during the 1st quarter worth approximately $33,000. PNC Financial Services Group Inc. boosted its stake in shares of Allegro MicroSystems by 201.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after acquiring an additional 774 shares in the last quarter. Finally, Castleview Partners LLC purchased a new stake in shares of Allegro MicroSystems during the 2nd quarter worth approximately $44,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 0.7 %

Shares of Allegro MicroSystems stock opened at $27.18 on Thursday. Allegro MicroSystems, Inc. has a fifty-two week low of $24.66 and a fifty-two week high of $53.05. The firm has a market cap of $5.25 billion, a PE ratio of 23.84 and a beta of 1.82. The business’s fifty day moving average is $28.98 and its two-hundred day moving average is $28.55. 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 (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The company had revenue of $254.98 million for the quarter, compared to analyst estimates of $255.00 million. Analysts anticipate that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ALGM shares. Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a research note on Friday, February 2nd. TD Cowen upped their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Needham & Company LLC reduced their target price on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. Finally, Evercore ISI started coverage on Allegro MicroSystems in a research note on Tuesday. They issued an “outperform” rating and a $36.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.50.

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