Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Aurora Investment Counsel

Aurora Investment Counsel lessened its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 2.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 56,005 shares of the company’s stock after selling 1,443 shares during the period. Aurora Investment Counsel’s holdings in Allegro MicroSystems were worth $1,582,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of ALGM. Dimensional Fund Advisors LP raised its holdings in shares of Allegro MicroSystems by 32.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 802,417 shares of the company’s stock valued at $24,291,000 after acquiring an additional 196,315 shares during the last quarter. Norges Bank acquired a new stake in Allegro MicroSystems during the 4th quarter worth $15,791,000. TD Asset Management Inc acquired a new stake in Allegro MicroSystems during the 4th quarter worth $1,417,000. Allianz Asset Management GmbH grew its holdings in shares of Allegro MicroSystems by 3.7% during the fourth quarter. Allianz Asset Management GmbH now owns 244,819 shares of the company’s stock worth $7,411,000 after buying an additional 8,726 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its position in shares of Allegro MicroSystems by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 33,247 shares of the company’s stock valued at $1,006,000 after buying an additional 320 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total value of $232,001,015.40. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is currently owned by insiders.

Allegro MicroSystems Stock Down 4.2 %

ALGM stock opened at $23.30 on Tuesday. The firm has a market cap of $4.52 billion, a PE ratio of 29.87 and a beta of 1.68. Allegro MicroSystems, Inc. has a one year low of $20.42 and a one year high of $33.26. 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 firm’s 50 day moving average price is $23.44 and its 200-day moving average price is $26.86.

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ALGM shares. TD Cowen boosted their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. UBS Group initiated coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a report on Friday, August 2nd. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $34.44.

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.