Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC lifted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 22.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 404,702 shares of the company’s stock after purchasing an additional 73,439 shares during the period. Lazard Asset Management LLC’s holdings in Allegro MicroSystems were worth $8,846,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in ALGM. TD Waterhouse Canada Inc. acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth approximately $40,000. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth approximately $47,000. Quarry LP acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth approximately $79,000. Sterling Capital Management LLC boosted its holdings in shares of Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock worth $161,000 after purchasing an additional 2,758 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth approximately $186,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Up 2.7%

NASDAQ:ALGM opened at $27.02 on Thursday. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The stock’s fifty day moving average is $22.51 and its two-hundred day moving average is $22.80. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $33.26. The stock has a market capitalization of $4.98 billion, a price-to-earnings ratio of -77.20 and a beta of 1.57.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $185.35 million. During the same period in the prior year, the firm earned $0.25 earnings per share. The firm’s revenue was down 19.9% compared to the same quarter last year. Research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ALGM. Barclays boosted their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Mizuho increased their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, March 24th. UBS Group increased their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Morgan Stanley increased their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. Finally, Needham & Company LLC lowered their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.38.

About Allegro MicroSystems

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.