Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 5.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,444,042 shares of the company’s stock after selling 132,228 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.27% of Allegro MicroSystems worth $65,891,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ALGM. GAMMA Investing LLC purchased a new position in Allegro MicroSystems during the fourth quarter worth about $28,000. Tucker Asset Management LLC boosted its stake in Allegro MicroSystems by 46.2% during the third quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock worth $48,000 after buying an additional 474 shares during the period. Pineridge Advisors LLC purchased a new position in Allegro MicroSystems during the fourth quarter worth about $49,000. Quadrant Capital Group LLC boosted its stake in Allegro MicroSystems by 25.1% during the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after buying an additional 425 shares during the period. Finally, Psagot Value Holdings Ltd. Israel boosted its stake in Allegro MicroSystems by 28.5% during the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company’s stock worth $70,000 after buying an additional 502 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Up 5.7 %

Shares of NASDAQ:ALGM opened at $29.53 on Wednesday. The firm’s 50 day moving average price is $29.13 and its 200 day moving average price is $28.83. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 37.86 and a beta of 1.68. Allegro MicroSystems, Inc. has a fifty-two week low of $23.64 and a fifty-two week high of $53.05. The company has a quick ratio of 3.48, a current ratio of 4.85 and a debt-to-equity ratio of 0.22.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, May 9th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.02. The firm 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, equities research analysts predict that Allegro MicroSystems, Inc. will post 0.23 earnings per share for the current fiscal year.

Insider Activity at Allegro MicroSystems

In related news, Director Richard R. Lury sold 8,500 shares of the firm’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 sale, the director now owns 23,001 shares of the company’s stock, valued at $690,030. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 9.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ALGM shares. Jefferies Financial Group started coverage on shares of Allegro MicroSystems in a research note on Monday, May 13th. They set a “buy” rating and a $37.00 target price for the company. Barclays lowered their target price 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 assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price objective for the company. Mizuho lowered their price objective 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. Finally, Needham & Company LLC lowered their price objective 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. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and an average target price of $37.44.

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.