Renaissance Capital LLC lifted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) by 70.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,455 shares of the company's stock after acquiring an additional 8,861 shares during the period. Renaissance Capital LLC's holdings in Allegro MicroSystems were worth $444,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in ALGM. Wellington Management Group LLP bought a new stake in shares of Allegro MicroSystems during the 1st quarter worth approximately $39,429,000. State Street Corp increased its position in Allegro MicroSystems by 36.5% during the 4th quarter. State Street Corp now owns 2,379,827 shares of the company's stock worth $86,102,000 after purchasing an additional 636,901 shares in the last quarter. Clearbridge Investments LLC increased its position in Allegro MicroSystems by 18.6% during the 1st quarter. Clearbridge Investments LLC now owns 4,029,946 shares of the company's stock worth $114,450,000 after purchasing an additional 632,036 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in Allegro MicroSystems by 71.2% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,255,354 shares of the company's stock worth $45,419,000 after purchasing an additional 521,881 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Allegro MicroSystems by 8.3% during the 1st quarter. JPMorgan Chase & Co. now owns 3,893,802 shares of the company's stock worth $110,585,000 after purchasing an additional 299,504 shares in the last quarter. Institutional investors own 46.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ALGM shares. Needham & Company LLC upped their price objective on shares of Allegro MicroSystems from $25.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, July 29th. Wells Fargo & Company decreased their price target on shares of Allegro MicroSystems from $35.00 to $30.00 and set an "overweight" rating for the company in a research report on Monday, July 11th. Barclays decreased their price target on shares of Allegro MicroSystems from $31.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, July 25th. Cowen initiated coverage on shares of Allegro MicroSystems in a research report on Wednesday, May 25th. They issued an "outperform" rating for the company. Finally, Cowen initiated coverage on shares of Allegro MicroSystems in a research report on Wednesday, May 25th. They issued an "outperform" rating and a $30.00 price target for the company. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $32.50.

Allegro MicroSystems Trading Down 0.8 %

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last issued its earnings results on Thursday, July 28th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.10). The company had revenue of $217.80 million for the quarter, compared to the consensus estimate of $207.63 million. Allegro MicroSystems had a return on equity of 15.32% and a net margin of 13.44%. The firm's revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 earnings per share. On average, research analysts expect that Allegro MicroSystems, Inc. will post 0.8 EPS for the current year.

About Allegro MicroSystems

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Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.

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