Vanguard Group Inc. Grows Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Vanguard Group Inc. grew its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 0.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,400,125 shares of the company’s stock after acquiring an additional 38,187 shares during the quarter. Vanguard Group Inc. owned about 3.83% of Allegro MicroSystems worth $224,002,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ALGM. Envestnet Asset Management Inc. increased its stake in Allegro MicroSystems by 51.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 123,376 shares of the company’s stock valued at $3,941,000 after purchasing an additional 41,999 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in Allegro MicroSystems by 12.7% in the 3rd quarter. Treasurer of the State of North Carolina now owns 32,927 shares of the company’s stock worth $1,052,000 after acquiring an additional 3,720 shares during the last quarter. Bank of Nova Scotia bought a new position in Allegro MicroSystems in the 3rd quarter valued at approximately $2,249,000. Schonfeld Strategic Advisors LLC boosted its stake in Allegro MicroSystems by 274.9% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 96,100 shares of the company’s stock valued at $3,069,000 after purchasing an additional 70,464 shares during the last quarter. Finally, Quadrature Capital Ltd increased its holdings in shares of Allegro MicroSystems by 106.8% in the 3rd quarter. Quadrature Capital Ltd now owns 40,775 shares of the company’s stock worth $1,302,000 after purchasing an additional 21,055 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Down 1.1 %

Shares of ALGM stock opened at $27.93 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.85 and a quick ratio of 3.48. The company has a market cap of $5.41 billion, a price-to-earnings ratio of 35.81 and a beta of 1.68. Allegro MicroSystems, Inc. has a 1 year low of $23.64 and a 1 year high of $53.05. The firm has a fifty day moving average price of $29.07 and a 200-day moving average price of $28.85.

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

Insider Buying and Selling

In other Allegro MicroSystems news, Director Richard R. Lury sold 8,500 shares of Allegro MicroSystems stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $30.00, for a total transaction of $255,000.00. Following the transaction, the director now owns 23,001 shares of the company’s stock, valued at $690,030. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ALGM has been the topic of several recent analyst reports. TD Cowen increased their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Mizuho reduced their price target on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Barclays dropped their target price on shares of Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. Evercore ISI initiated coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They set an “outperform” rating and a $36.00 target price for the company. Finally, Jefferies Financial Group initiated coverage on Allegro MicroSystems in a research note on Monday, May 13th. They issued a “buy” rating and a $37.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Allegro MicroSystems has a consensus rating of “Moderate Buy” and an average target price of $37.44.

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.