Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Purchased by Sei Investments Co.

Sei Investments Co. grew its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 3.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 165,882 shares of the company’s stock after acquiring an additional 5,068 shares during the quarter. Sei Investments Co. owned about 0.09% of Allegro MicroSystems worth $4,685,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Pacer Advisors Inc. raised its stake in shares of Allegro MicroSystems by 213.5% during the second quarter. Pacer Advisors Inc. now owns 33,264 shares of the company’s stock valued at $939,000 after purchasing an additional 22,655 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Allegro MicroSystems during the 2nd quarter worth about $856,000. Hsbc Holdings PLC lifted its stake in shares of Allegro MicroSystems by 13.6% in the 2nd quarter. Hsbc Holdings PLC now owns 16,668 shares of the company’s stock worth $471,000 after acquiring an additional 1,994 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Allegro MicroSystems by 48.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,164 shares of the company’s stock valued at $372,000 after acquiring an additional 4,274 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Allegro MicroSystems by 45.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock valued at $36,207,000 after acquiring an additional 397,681 shares during the period. Institutional investors own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

ALGM has been the subject of a number of research reports. UBS Group began coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. TD Cowen lifted their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a research report on Friday, August 2nd. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Allegro MicroSystems currently has an average rating of “Buy” and an average price target of $34.44.

Allegro MicroSystems Trading Down 5.4 %

NASDAQ:ALGM opened at $22.04 on Wednesday. The stock has a fifty day simple moving average of $23.33 and a 200 day simple moving average of $26.82. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $4.27 billion, a price-to-earnings ratio of 28.26 and a beta of 1.68. Allegro MicroSystems, Inc. has a 1-year low of $20.42 and a 1-year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last released 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 the consensus estimate of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm’s quarterly revenue was down 40.0% compared to the same quarter last year. During the same period last year, the firm posted $0.34 earnings per share. Sell-side analysts forecast that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current year.

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 sale, the insider now owns 69,750,097 shares of the company’s stock, valued at $1,615,412,246.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company 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.