Pier Capital LLC Sells 27,035 Shares of Allegro MicroSystems, Inc. $ALGM

Pier Capital LLC trimmed its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 10.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 235,118 shares of the company’s stock after selling 27,035 shares during the period. Pier Capital LLC owned 0.13% of Allegro MicroSystems worth $6,865,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its holdings in shares of Allegro MicroSystems by 2.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,713 shares of the company’s stock worth $430,000 after acquiring an additional 381 shares during the last quarter. Hantz Financial Services Inc. lifted its holdings in Allegro MicroSystems by 86.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after purchasing an additional 419 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Allegro MicroSystems by 2.1% during the third quarter. Advisors Asset Management Inc. now owns 22,499 shares of the company’s stock worth $657,000 after purchasing an additional 466 shares during the period. Arizona State Retirement System boosted its position in Allegro MicroSystems by 1.8% during the third quarter. Arizona State Retirement System now owns 38,293 shares of the company’s stock worth $1,118,000 after purchasing an additional 685 shares during the period. Finally, Alps Advisors Inc. increased its holdings in shares of Allegro MicroSystems by 3.0% in the third quarter. Alps Advisors Inc. now owns 28,983 shares of the company’s stock valued at $846,000 after purchasing an additional 845 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ALGM. Weiss Ratings reissued a “sell (e+)” rating on shares of Allegro MicroSystems in a research report on Monday, December 29th. Jefferies Financial Group reaffirmed a “buy” rating and set a $45.00 target price on shares of Allegro MicroSystems in a report on Thursday, February 19th. Bank of America upped their price target on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, January 18th. Finally, Morgan Stanley upgraded Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 price objective for the company in a report on Friday, February 13th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Allegro MicroSystems Stock Down 5.7%

ALGM opened at $31.16 on Friday. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $43.86. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.39 and a current ratio of 3.65. The company has a market capitalization of $5.77 billion, a P/E ratio of -389.50 and a beta of 1.64. The stock has a fifty day moving average of $35.47 and a 200-day moving average of $30.84.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.14 by $0.01. Allegro MicroSystems had a negative net margin of 1.57% and a positive return on equity of 4.35%. The business had revenue of $229.21 million for the quarter, compared to the consensus estimate of $220.78 million. During the same period in the prior year, the company posted $0.07 earnings per share. Allegro MicroSystems’s revenue was up 28.9% compared to the same quarter last year. On average, equities analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

Allegro MicroSystems Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.