Watershed Asset Management L.L.C. Purchases Shares of 9,650 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Watershed Asset Management L.L.C. purchased a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 9,650 shares of the company’s stock, valued at approximately $292,000.

Several other large investors have also recently modified their holdings of the stock. South Dakota Investment Council purchased a new position in shares of Allegro MicroSystems in the fourth quarter worth about $1,059,000. GAMMA Investing LLC purchased a new position in shares of Allegro MicroSystems in the fourth quarter worth about $28,000. Handelsbanken Fonder AB increased its holdings in Allegro MicroSystems by 7.6% during the 4th quarter. Handelsbanken Fonder AB now owns 18,500 shares of the company’s stock valued at $560,000 after purchasing an additional 1,300 shares during the period. CWM LLC increased its holdings in Allegro MicroSystems by 35.6% during the 4th quarter. CWM LLC now owns 3,377 shares of the company’s stock valued at $102,000 after purchasing an additional 886 shares during the period. Finally, Calamos Advisors LLC purchased a new position in Allegro MicroSystems during the 4th quarter valued at about $560,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on ALGM. Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a report on Friday, February 2nd. TD Cowen boosted their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Evercore ISI began coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price target on the stock. Finally, Needham & Company LLC reduced their price target on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.50.

Allegro MicroSystems Stock Up 1.4 %

Allegro MicroSystems stock traded up $0.36 during trading hours on Tuesday, hitting $26.57. 1,213,969 shares of the stock traded hands, compared to its average volume of 1,702,452. The company has a market cap of $5.13 billion, a PE ratio of 23.31 and a beta of 1.82. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22. The firm’s 50-day moving average price is $28.60 and its two-hundred day moving average price is $28.41. Allegro MicroSystems, Inc. has a one year low of $24.66 and a one year high of $53.05.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, February 1st. The company reported $0.27 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 return on equity of 23.84% and a net margin of 21.14%. On average, research analysts forecast that Allegro MicroSystems, Inc. will post 1.13 EPS for the current year.

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