Truist Financial Corp Trims Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Truist Financial Corp lessened its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 11.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,811 shares of the company’s stock after selling 1,733 shares during the period. Truist Financial Corp’s holdings in Allegro MicroSystems were worth $362,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Versant Capital Management Inc lifted its holdings in shares of 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 purchasing an additional 1,096 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares in the last quarter. CWM LLC lifted its holdings in shares of 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 purchasing an additional 921 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Allegro MicroSystems in the second quarter valued at approximately $211,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Allegro MicroSystems by 84.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,530 shares of the company’s stock valued at $228,000 after buying an additional 3,442 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Insider Activity

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company’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 transaction, the insider now directly owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

Allegro MicroSystems Price Performance

ALGM opened at $20.62 on Friday. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. Allegro MicroSystems, Inc. has a 52-week low of $19.82 and a 52-week high of $33.26. The company has a 50 day moving average of $22.83 and a two-hundred day moving average of $26.32. The company has a market cap of $4.00 billion, a P/E ratio of 26.44 and a beta of 1.67.

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on ALGM. Needham & Company LLC reissued a “buy” rating and issued a $33.00 price objective on shares of Allegro MicroSystems in a research report on Friday, August 2nd. UBS Group began coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $34.50.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.