Segall Bryant & Hamill LLC Buys Shares of 1,311,526 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Segall Bryant & Hamill LLC bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,311,526 shares of the company’s stock, valued at approximately $32,959,000.

Several other hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $15,145,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $35,433,000. SG Americas Securities LLC acquired a new stake in shares of Allegro MicroSystems in the 1st quarter valued at approximately $805,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Allegro MicroSystems by 18.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,883 shares of the company’s stock worth $668,000 after buying an additional 4,185 shares during the period. Finally, Fifth Third Bancorp boosted its position in Allegro MicroSystems by 63.7% during 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 during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $36.47 on Wednesday. The firm has a market capitalization of $6.74 billion, a PE ratio of -93.51 and a beta of 1.75. The firm has a fifty day simple moving average of $29.88 and a two-hundred day simple moving average of $25.67. The company has a current ratio of 4.30, a quick ratio of 2.66 and a debt-to-equity ratio of 0.37. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. Allegro MicroSystems’s quarterly revenue was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 EPS. Analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on ALGM. Morgan Stanley lifted their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, June 9th. Bank of America boosted their price target on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock an “action list buy” rating in a research report on Thursday, July 10th. Barclays boosted their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Needham & Company LLC dropped their price target on shares of Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $33.00 price objective (up previously from $26.00) on shares of Allegro MicroSystems in a research note on Monday, June 16th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $32.50.

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.