189,500 Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Bought by Lisanti Capital Growth LLC

Jul 13, 2023

Lisanti Capital Growth LLC purchased a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 189,500 shares of the company's stock, valued at approximately $9,094,000. Allegro MicroSystems comprises 1.3% of Lisanti Capital Growth LLC's investment portfolio, making the stock its 28th biggest holding. Lisanti Capital Growth LLC owned about 0.10% of Allegro MicroSystems as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D bought a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $2,216,000. Nisa Investment Advisors LLC acquired a new position in Allegro MicroSystems during the first quarter worth approximately $979,000. CWM LLC boosted its stake in shares of Allegro MicroSystems by 21.8% in the 4th quarter. CWM LLC now owns 1,863 shares of the company's stock valued at $56,000 after purchasing an additional 333 shares in the last quarter. SkyOak Wealth LLC bought a new stake in Allegro MicroSystems during the 1st quarter worth approximately $507,000. Finally, Raymond James & Associates boosted its stake in shares of Allegro MicroSystems by 72.7% in the 1st quarter. Raymond James & Associates now owns 108,008 shares of the company's stock valued at $5,183,000 after purchasing an additional 45,469 shares during the last quarter. 50.41% of the stock is owned by institutional investors and hedge funds.

Shares of ALGM stock traded down $0.62 during trading hours on Friday, reaching $42.51. 1,755,257 shares of the company were exchanged, compared to its average volume of 1,581,127. The company has a market cap of $8.15 billion, a price-to-earnings ratio of 35.15 and a beta of 1.72. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.03 and a quick ratio of 3.11. Allegro MicroSystems, Inc. has a fifty-two week low of $19.80 and a fifty-two week high of $53.05. The stock's fifty day moving average is $44.11 and its two-hundred day moving average is $42.39.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 10th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. The company had revenue of $240.53 million for the quarter, compared to analyst estimates of $265.00 million. Allegro MicroSystems had a net margin of 23.67% and a return on equity of 27.16%. Sell-side analysts forecast that Allegro MicroSystems, Inc. will post 1.22 earnings per share for the current fiscal year.

Several equities analysts recently weighed in on ALGM shares. Wells Fargo & Company increased their price target on shares of Allegro MicroSystems from $52.00 to $60.00 in a research report on Wednesday, July 26th. Wolfe Research initiated coverage on Allegro MicroSystems in a research note on Wednesday, July 19th. They set a "market perform" rating for the company. Needham & Company LLC reissued a "buy" rating and set a $50.00 price target on shares of Allegro MicroSystems in a research report on Wednesday. TheStreet lowered Allegro MicroSystems from a "b-" rating to a "c+" rating in a research report on Thursday, May 18th. Finally, Mizuho increased their price objective on Allegro MicroSystems from $50.00 to $56.00 in a research note on Thursday, July 20th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems has a consensus rating of "Moderate Buy" and an average price target of $52.33.

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.

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