Massachusetts Financial Services Co. MA Increases Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Massachusetts Financial Services Co. MA raised its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 2.7% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 984,297 shares of the company’s stock after purchasing an additional 25,497 shares during the period. Massachusetts Financial Services Co. MA owned 0.51% of Allegro MicroSystems worth $27,797,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its stake in shares of Allegro MicroSystems by 6.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 101,459 shares of the company’s stock worth $2,865,000 after acquiring an additional 6,391 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Allegro MicroSystems in the 2nd quarter worth $211,000. Global X Japan Co. Ltd. increased its stake in shares of Allegro MicroSystems by 51.9% in the 2nd quarter. Global X Japan Co. Ltd. now owns 22,357 shares of the company’s stock worth $631,000 after acquiring an additional 7,641 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in shares of Allegro MicroSystems by 11.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 69,807 shares of the company’s stock worth $1,971,000 after acquiring an additional 7,269 shares during the last quarter. Finally, Choreo LLC acquired a new stake in shares of Allegro MicroSystems in the 2nd quarter worth $516,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $22.69 on Friday. The company has a market cap of $4.40 billion, a P/E ratio of 29.09 and a beta of 1.68. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98. The stock has a 50-day moving average of $24.35 and a two-hundred day moving average of $27.20. Allegro MicroSystems, Inc. has a 1-year low of $20.42 and a 1-year high of $33.26.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of Allegro MicroSystems stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the completion of the transaction, the insider now directly owns 59,732,782 shares of the company’s stock, 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 corporate insiders.

Allegro MicroSystems 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.