Thrivent Financial for Lutherans Lowers Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Thrivent Financial for Lutherans cut its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 3.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,265 shares of the company’s stock after selling 642 shares during the period. Thrivent Financial for Lutherans’ holdings in Allegro MicroSystems were worth $488,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ALGM. Versant Capital Management Inc grew its stake in Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after acquiring an additional 1,096 shares in the last quarter. Pineridge Advisors LLC bought a new position in Allegro MicroSystems in the fourth quarter worth approximately $49,000. GAMMA Investing LLC increased its holdings in Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares during the period. CWM LLC raised its position in Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after purchasing an additional 921 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Allegro MicroSystems in the 2nd quarter worth $211,000. Hedge funds and other institutional investors 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 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 owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Allegro MicroSystems Price Performance

ALGM opened at $20.77 on Wednesday. The firm has a market capitalization of $4.02 billion, a PE ratio of 26.63 and a beta of 1.67. 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’s 50-day moving average is $23.09 and its two-hundred day moving average is $26.65. Allegro MicroSystems, Inc. has a 1 year low of $20.41 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $165.04 million. During the same quarter in the previous year, the firm earned $0.34 EPS. The company’s quarterly revenue was down 40.0% compared to the same quarter last year. Research analysts anticipate that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.