Lazard Asset Management LLC Purchases 31,988 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Lazard Asset Management LLC raised its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 24.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 164,148 shares of the company’s stock after purchasing an additional 31,988 shares during the period. Lazard Asset Management LLC owned 0.08% of Allegro MicroSystems worth $4,425,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Allegro MicroSystems by 13.5% during the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after acquiring an additional 999,939 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Allegro MicroSystems by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock worth $100,595,000 after acquiring an additional 235,335 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Allegro MicroSystems by 2.1% in the first quarter. Principal Financial Group Inc. now owns 2,179,587 shares of the company’s stock worth $58,762,000 after purchasing an additional 44,641 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Allegro MicroSystems by 15.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,175,421 shares of the company’s stock worth $35,580,000 after purchasing an additional 155,284 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Allegro MicroSystems by 1.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,077,600 shares of the company’s stock worth $32,619,000 after purchasing an additional 17,969 shares during the last quarter. 56.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ALGM. Needham & Company LLC lowered their price target on shares of Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Barclays lowered their price target on shares of Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. Evercore ISI began coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price target for the company. TD Cowen boosted their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Finally, Mizuho decreased their price objective on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average price target of $34.63.

Insiders Place Their Bets

In other news, Director Richard R. Lury sold 8,500 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $30.00, for a total value of $255,000.00. Following the transaction, the director now owns 23,001 shares in the company, valued at $690,030. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Up 1.5 %

ALGM traded up $0.37 during midday trading on Monday, reaching $24.52. The company’s stock had a trading volume of 188,711 shares, compared to its average volume of 1,738,749. The firm has a market capitalization of $4.75 billion, a price-to-earnings ratio of 30.96 and a beta of 1.68. The company has a current ratio of 4.85, a quick ratio of 3.48 and a debt-to-equity ratio of 0.22. Allegro MicroSystems, Inc. has a 1 year low of $23.64 and a 1 year high of $52.26. The stock’s 50-day moving average is $29.33 and its 200-day moving average is $28.86.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $240.58 million for the quarter, compared to analysts’ expectations of $235.00 million. Allegro MicroSystems had a net margin of 14.55% and a return on equity of 20.67%. As a group, research analysts expect that Allegro MicroSystems, Inc. will post 0.23 EPS for the current year.

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.