Arizona State Retirement System Purchases 3,170 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Arizona State Retirement System raised its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 15.0% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 24,329 shares of the company’s stock after acquiring an additional 3,170 shares during the period. Arizona State Retirement System’s holdings in Allegro MicroSystems were worth $687,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Treasurer of the State of North Carolina boosted its stake in shares of Allegro MicroSystems by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 33,247 shares of the company’s stock worth $1,006,000 after buying an additional 320 shares during the last quarter. State of Michigan Retirement System grew its stake in Allegro MicroSystems by 2.3% in the first quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock valued at $472,000 after purchasing an additional 400 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Allegro MicroSystems by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after purchasing an additional 425 shares during the last quarter. Retirement Systems of Alabama raised its stake in shares of Allegro MicroSystems by 0.4% during the 1st quarter. Retirement Systems of Alabama now owns 130,731 shares of the company’s stock worth $3,525,000 after purchasing an additional 537 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after buying an additional 603 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the completion of the sale, the insider now directly owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Allegro MicroSystems Stock Up 6.2 %

ALGM opened at $22.44 on Monday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.98 and a current ratio of 4.65. The stock has a fifty day moving average of $25.19 and a 200-day moving average of $27.44. Allegro MicroSystems, Inc. has a fifty-two week low of $20.42 and a fifty-two week high of $34.46. The company has a market capitalization of $4.35 billion, a P/E ratio of 28.77 and a beta of 1.68.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. During the same quarter in the previous year, the firm posted $0.34 EPS. The business’s revenue for the quarter was down 40.0% compared to the same quarter last year. On average, equities analysts expect that Allegro MicroSystems, Inc. will post 0.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. UBS Group initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. TD Cowen lifted their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Allegro MicroSystems in a research report on Friday, August 2nd. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and an average price target of $34.44.

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.