Circle Wealth Management LLC Sells 4,353 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Circle Wealth Management LLC cut its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 19.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 18,208 shares of the company’s stock after selling 4,353 shares during the period. Circle Wealth Management LLC’s holdings in Allegro MicroSystems were worth $398,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Barclays PLC boosted its holdings in Allegro MicroSystems by 88.1% in the 3rd quarter. Barclays PLC now owns 75,620 shares of the company’s stock valued at $1,761,000 after purchasing an additional 35,417 shares during the period. Principal Financial Group Inc. boosted its stake in Allegro MicroSystems by 14.1% during the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after buying an additional 308,943 shares during the period. JPMorgan Chase & Co. grew its position in Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after buying an additional 1,884,578 shares in the last quarter. Oak Thistle LLC purchased a new stake in shares of Allegro MicroSystems in the 4th quarter valued at about $649,000. Finally, Avior Wealth Management LLC boosted its position in shares of Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after acquiring an additional 737 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ALGM. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Wells Fargo & Company raised their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Mizuho upped their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, March 24th. UBS Group reduced their target price on Allegro MicroSystems from $30.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Finally, Barclays cut their price objective on Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.56.

Allegro MicroSystems Stock Up 12.9 %

ALGM opened at $21.09 on Friday. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The business’s 50-day moving average price is $22.66 and its 200-day moving average price is $22.70. The company has a market cap of $3.88 billion, a P/E ratio of -60.26 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The business’s quarterly revenue was down 19.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 EPS. On average, equities analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

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.