Bryce Point Capital LLC Has $754,000 Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Bryce Point Capital LLC lessened its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 54.7% during the 1st quarter, Holdings Channel reports. The firm owned 29,971 shares of the company’s stock after selling 36,183 shares during the quarter. Bryce Point Capital LLC’s holdings in Allegro MicroSystems were worth $754,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp boosted 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 valued at $33,000 after purchasing an additional 504 shares in the last quarter. UMB Bank n.a. lifted its position in Allegro MicroSystems by 68.6% during the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock worth $36,000 after buying an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems during the 4th quarter worth about $40,000. DekaBank Deutsche Girozentrale acquired a new position in Allegro MicroSystems during the 1st quarter worth about $71,000. Finally, Quarry LP acquired a new position in Allegro MicroSystems during the 4th quarter worth about $79,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $33.70 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66. The stock has a market cap of $6.23 billion, a PE ratio of -86.41 and a beta of 1.75. The stock has a 50-day moving average of $31.61 and a 200-day moving average of $26.34. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year 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 company had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $185.35 million. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. Allegro MicroSystems’s revenue was down 19.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 EPS. As a group, sell-side analysts expect that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have weighed in on the company. Morgan Stanley boosted their price objective on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 9th. Wells Fargo & Company reissued an “overweight” rating and set a $42.00 price objective (up from $33.00) on shares of Allegro MicroSystems in a report on Wednesday, July 16th. Barclays boosted their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Bank of America boosted their price objective on Allegro MicroSystems from $38.00 to $45.00 and gave the stock an “action list buy” rating in a report on Thursday, July 10th. Finally, Mizuho boosted their price objective on Allegro MicroSystems from $31.00 to $37.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $33.63.

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.