28,658 Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 28,658 shares of the company’s stock, valued at approximately $869,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Avantax Advisory Services Inc. grew its position in Allegro MicroSystems by 5.3% during the 3rd quarter. Avantax Advisory Services Inc. now owns 7,620 shares of the company’s stock worth $243,000 after acquiring an additional 385 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Allegro MicroSystems by 14.7% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,051 shares of the company’s stock worth $94,000 after buying an additional 390 shares during the period. Prosperity Financial Group Inc. lifted its holdings in Allegro MicroSystems by 5.2% in the 3rd quarter. Prosperity Financial Group Inc. now owns 7,996 shares of the company’s stock worth $255,000 after buying an additional 395 shares during the period. Quadrant Capital Group LLC lifted its holdings in Allegro MicroSystems by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after buying an additional 425 shares during the period. Finally, Tucker Asset Management LLC lifted its holdings in Allegro MicroSystems by 46.2% in the 3rd quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock worth $48,000 after buying an additional 474 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Stock Up 2.7 %

Shares of ALGM traded up $0.79 on Thursday, reaching $29.60. The stock had a trading volume of 906,960 shares, compared to its average volume of 1,682,665. The firm has a market capitalization of $5.72 billion, a price-to-earnings ratio of 25.96 and a beta of 1.72. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57. The company has a 50-day simple moving average of $28.40 and a 200-day simple moving average of $28.38. Allegro MicroSystems, Inc. has a 12-month low of $24.66 and a 12-month high of $53.05.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data 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. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The company had revenue of $254.98 million during the quarter, compared to analyst estimates of $255.00 million. Sell-side analysts predict that Allegro MicroSystems, Inc. will post 1.13 EPS for the current year.

Wall Street Analysts Forecast Growth

ALGM has been the subject of several research analyst reports. Evercore ISI initiated coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective for the company. Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a report on Friday, February 2nd. Needham & Company LLC dropped their price objective on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Finally, TD Cowen increased their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $44.50.

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.