XTX Topco Ltd purchased a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 30,308 shares of the company’s stock, valued at approximately $856,000.
Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Allegro MicroSystems by 13.5% during the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after acquiring an additional 999,939 shares during the period. 1832 Asset Management L.P. purchased a new position in Allegro MicroSystems in the fourth quarter valued at approximately $28,756,000. Bamco Inc. NY grew its holdings in Allegro MicroSystems by 477.6% during the first quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock valued at $18,031,000 after purchasing an additional 553,016 shares during the period. Norges Bank purchased a new stake in Allegro MicroSystems in the fourth quarter worth $15,791,000. Finally, Silvercrest Asset Management Group LLC raised its stake in shares of Allegro MicroSystems by 363.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after buying an additional 495,935 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.
Allegro MicroSystems Price Performance
ALGM stock opened at $22.69 on Friday. The firm has a 50 day moving average of $24.35 and a 200-day moving average of $27.20. The firm has a market capitalization of $4.40 billion, a P/E ratio of 29.09 and a beta of 1.68. 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.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the company. Needham & Company LLC reiterated 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 note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price for the company. Finally, TD Cowen upped their price target 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. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.44.
Check Out Our Latest Analysis on ALGM
Insider Buying and Selling
In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was 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 approximately $1,383,411,231.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.50% of the stock is owned by company insiders.
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.
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