Migdal Insurance & Financial Holdings Ltd. Has $94,000 Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Migdal Insurance & Financial Holdings Ltd. boosted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 14.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,051 shares of the company’s stock after buying an additional 390 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Allegro MicroSystems were worth $94,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Allegro MicroSystems by 5.1% in the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock valued at $235,140,000 after purchasing an additional 355,814 shares during the period. JPMorgan Chase & Co. grew its holdings in 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 acquiring an additional 727,535 shares during the period. Robbins Farley acquired a new stake in Allegro MicroSystems during the 3rd quarter worth about $2,144,000. Sei Investments Co. grew its holdings in Allegro MicroSystems by 42.5% during the 3rd quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock worth $12,494,000 after acquiring an additional 116,603 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in Allegro MicroSystems by 51.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company’s stock worth $3,941,000 after acquiring an additional 41,999 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ALGM shares. Evercore ISI started coverage on Allegro MicroSystems in a report on Tuesday. They set an “outperform” rating and a $36.00 price target for the company. TD Cowen increased their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Friday, February 2nd. Finally, Needham & Company LLC decreased their price target on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 2nd. One investment 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 has a consensus rating of “Moderate Buy” and a consensus price target of $44.50.

Allegro MicroSystems Price Performance

ALGM stock opened at $26.41 on Friday. The stock has a market capitalization of $5.10 billion, a PE ratio of 23.17 and a beta of 1.82. The company’s 50-day moving average is $28.90 and its 200-day moving average is $28.54. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. Allegro MicroSystems, Inc. has a 1 year low of $24.66 and a 1 year high of $53.05.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The company 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%. Equities research analysts expect that Allegro MicroSystems, Inc. will post 1.13 EPS for the current fiscal year.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.