Algert Global LLC Has $727,000 Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Algert Global LLC raised its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 26.8% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 25,744 shares of the company’s stock after purchasing an additional 5,444 shares during the period. Algert Global LLC’s holdings in Allegro MicroSystems were worth $727,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its position in shares of Allegro MicroSystems by 15.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock valued at $60,673,000 after buying an additional 285,747 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in Allegro MicroSystems during the 2nd quarter worth $363,000. ProShare Advisors LLC raised its holdings in shares of Allegro MicroSystems by 9.2% in the second quarter. ProShare Advisors LLC now owns 13,280 shares of the company’s stock valued at $375,000 after purchasing an additional 1,123 shares during the last quarter. Sei Investments Co. lifted its position in shares of Allegro MicroSystems by 3.2% during the second quarter. Sei Investments Co. now owns 165,882 shares of the company’s stock valued at $4,685,000 after purchasing an additional 5,068 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in Allegro MicroSystems by 213.5% during the second quarter. Pacer Advisors Inc. now owns 33,264 shares of the company’s stock worth $939,000 after purchasing an additional 22,655 shares during the last quarter. 56.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on ALGM. TD Cowen increased their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 price target on shares of Allegro MicroSystems in a research report on Friday, August 2nd. Finally, UBS Group assumed coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $34.44.

Insider Buying and Selling at Allegro MicroSystems

In other news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $23.16, for a total value of $665,850,000.00. Following the completion of the transaction, the insider now directly owns 69,750,097 shares of the company’s stock, valued at $1,615,412,246.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $21.45 on Friday. Allegro MicroSystems, Inc. has a 1 year low of $20.42 and a 1 year high of $33.26. 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 business has a fifty day simple moving average of $23.15 and a two-hundred day simple moving average of $26.70. The company has a market capitalization of $4.16 billion, a P/E ratio of 27.50 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly 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. The company had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The company’s quarterly revenue was down 40.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 earnings per share. On average, analysts expect that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current year.

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.