Allegro MicroSystems, Inc. $ALGM Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 3.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,731,267 shares of the company’s stock after selling 282,231 shares during the quarter. JPMorgan Chase & Co. owned approximately 4.18% of Allegro MicroSystems worth $225,753,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its stake in shares of Allegro MicroSystems by 2.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,713 shares of the company’s stock worth $430,000 after purchasing an additional 381 shares during the period. Advisors Asset Management Inc. grew its position in shares of Allegro MicroSystems by 2.1% in the third quarter. Advisors Asset Management Inc. now owns 22,499 shares of the company’s stock valued at $657,000 after purchasing an additional 466 shares during the period. Candriam S.C.A. acquired a new position in Allegro MicroSystems in the third quarter valued at $2,604,000. Alps Advisors Inc. lifted its position in Allegro MicroSystems by 3.0% during the third quarter. Alps Advisors Inc. now owns 28,983 shares of the company’s stock worth $846,000 after buying an additional 845 shares during the period. Finally, Hantz Financial Services Inc. lifted its position in Allegro MicroSystems by 86.9% during the third quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock worth $26,000 after buying an additional 419 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

ALGM opened at $38.93 on Friday. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $43.86. The company has a 50 day moving average of $33.13 and a two-hundred day moving average of $30.45. The company has a market cap of $7.21 billion, a P/E ratio of -486.63 and a beta of 1.63. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, January 29th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The business had revenue of $229.21 million for the quarter, compared to the consensus estimate of $220.78 million. During the same quarter last year, the firm posted $0.07 EPS. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. On average, analysts expect that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley raised shares of Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 price objective for the company in a research note on Friday, February 13th. Needham & Company LLC boosted their target price on shares of Allegro MicroSystems from $41.00 to $45.00 and gave the company a “buy” rating in a report on Thursday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Allegro MicroSystems in a research report on Monday, December 29th. UBS Group lifted their price target on shares of Allegro MicroSystems from $40.00 to $44.00 and gave the company a “buy” rating in a report on Friday, January 30th. Finally, Barclays boosted their price objective on shares of Allegro MicroSystems from $35.00 to $46.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.