Merlin Capital Inc Boosts Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Merlin Capital Inc raised its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 45.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,261 shares of the company’s stock after acquiring an additional 6,313 shares during the quarter. Allegro MicroSystems makes up 2.0% of Merlin Capital Inc’s investment portfolio, making the stock its 26th largest position. Merlin Capital Inc’s holdings in Allegro MicroSystems were worth $613,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ALGM. FMR LLC increased its holdings in Allegro MicroSystems by 13.8% during the 3rd quarter. FMR LLC now owns 9,234,454 shares of the company’s stock valued at $294,948,000 after acquiring an additional 1,121,651 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Allegro MicroSystems by 34.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,319,635 shares of the company’s stock worth $106,029,000 after purchasing an additional 855,811 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Allegro MicroSystems by 21.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock worth $129,435,000 after purchasing an additional 727,535 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Allegro MicroSystems by 5.1% during the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after purchasing an additional 355,814 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Allegro MicroSystems by 52.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,020,137 shares of the company’s stock worth $32,583,000 after purchasing an additional 349,529 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on ALGM. Wolfe Research raised shares of 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. Evercore ISI initiated coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price target on the stock. TD Cowen raised their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Finally, Needham & Company LLC decreased their target price on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.50.

Allegro MicroSystems Trading Down 1.6 %

Shares of ALGM traded down $0.49 during mid-day trading on Tuesday, hitting $29.76. The company had a trading volume of 400,036 shares, compared to its average volume of 1,676,471. The stock has a market cap of $5.75 billion, a PE ratio of 26.54 and a beta of 1.82. 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, Inc. has a 1-year low of $24.66 and a 1-year high of $53.05. The business’s 50-day simple moving average is $28.47 and its 200-day simple moving average is $28.38.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $254.98 million for the quarter, compared to analysts’ expectations of $255.00 million. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. Sell-side analysts forecast that Allegro MicroSystems, Inc. will post 1.13 earnings per share 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.