Susquehanna Fundamental Investments LLC Sells 2,623 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Susquehanna Fundamental Investments LLC cut its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 4.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,487 shares of the company’s stock after selling 2,623 shares during the period. Susquehanna Fundamental Investments LLC’s holdings in Allegro MicroSystems were worth $1,454,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in Allegro MicroSystems by 32.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 802,417 shares of the company’s stock worth $24,291,000 after purchasing an additional 196,315 shares in the last quarter. Norges Bank purchased a new position in shares of Allegro MicroSystems during the fourth quarter valued at approximately $15,791,000. TD Asset Management Inc bought a new stake in Allegro MicroSystems during the fourth quarter worth $1,417,000. Allianz Asset Management GmbH raised its position in Allegro MicroSystems by 3.7% in the 4th quarter. Allianz Asset Management GmbH now owns 244,819 shares of the company’s stock valued at $7,411,000 after buying an additional 8,726 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in 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 valued at $1,006,000 after acquiring an additional 320 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Trading Down 5.4 %

NASDAQ:ALGM opened at $22.04 on Wednesday. Allegro MicroSystems, Inc. has a 12 month low of $20.42 and a 12 month high of $33.26. The company has a current ratio of 4.65, a quick ratio of 2.98 and a debt-to-equity ratio of 0.18. The firm’s 50 day moving average is $23.33 and its 200 day moving average is $26.82. The stock has a market capitalization of $4.27 billion, a PE ratio of 28.26 and a beta of 1.68.

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

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 owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ALGM. UBS Group started coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $33.00 target price on shares of Allegro MicroSystems in a research report on Friday, August 2nd. Finally, TD Cowen boosted their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Buy” and a consensus target price 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.