FNY Investment Advisers LLC Acquires New Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

FNY Investment Advisers LLC bought a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,500 shares of the company’s stock, valued at approximately $163,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its stake in shares of 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 buying an additional 504 shares in the last quarter. UMB Bank n.a. grew its holdings in Allegro MicroSystems by 68.6% during the first 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 period. TD Waterhouse Canada Inc. bought a new stake in Allegro MicroSystems in the fourth quarter worth about $40,000. Venturi Wealth Management LLC acquired a new stake in Allegro MicroSystems in the 4th quarter valued at about $47,000. Finally, Quarry LP bought a new position in shares of Allegro MicroSystems during the 4th quarter valued at about $79,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $31.19 on Tuesday. The company’s fifty day moving average is $23.65 and its two-hundred day moving average is $23.85. The company has a market cap of $5.77 billion, a P/E ratio of -89.11 and a beta of 1.67. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

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

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Mizuho boosted their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, March 24th. Bank of America started coverage on Allegro MicroSystems in a report on Monday. They issued a “buy” rating and a $38.00 price target on the stock. Barclays raised their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Wells Fargo & Company lifted their target price on Allegro MicroSystems from $26.00 to $33.00 and gave the stock an “overweight” rating in a report on Monday. Finally, UBS Group boosted their target price on Allegro MicroSystems from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Allegro MicroSystems 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.