Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC cut its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 58.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,055 shares of the company’s stock after selling 54,645 shares during the period. AQR Capital Management LLC’s holdings in Allegro MicroSystems were worth $1,103,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of ALGM. Versant Capital Management Inc lifted its holdings in Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after acquiring an additional 1,096 shares during the last quarter. Pineridge Advisors LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter worth $49,000. GAMMA Investing LLC increased its position in shares of 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 last quarter. CWM LLC lifted its position in Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after buying an additional 921 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in Allegro MicroSystems during the second quarter worth about $211,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $21.25 on Friday. Allegro MicroSystems, Inc. has a 12 month low of $19.82 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 company has a market cap of $4.12 billion, a P/E ratio of 55.92 and a beta of 1.67. The firm has a fifty day moving average price of $22.89 and a 200 day moving average price of $26.48.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, topping 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 business’s quarterly revenue was down 40.0% on a year-over-year basis. During the same quarter last year, the company earned $0.34 EPS. Sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ALGM has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 price objective on shares of Allegro MicroSystems in a research report on Friday, August 2nd. UBS Group began coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $34.50.

Insider Activity at Allegro MicroSystems

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.50% of the company’s stock.

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.