US Bancorp DE Sells 2,290 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

US Bancorp DE decreased its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 31.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,969 shares of the company’s stock after selling 2,290 shares during the quarter. US Bancorp DE’s holdings in Allegro MicroSystems were worth $116,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in Allegro MicroSystems during the first quarter worth $297,000. Russell Investments Group Ltd. increased its stake in shares of Allegro MicroSystems by 238.9% during the 1st quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock worth $1,503,000 after purchasing an additional 39,289 shares during the last quarter. ProShare Advisors LLC raised its holdings in shares of Allegro MicroSystems by 23.1% in the 1st quarter. ProShare Advisors LLC now owns 12,157 shares of the company’s stock valued at $328,000 after purchasing an additional 2,279 shares during the period. Vanguard Group Inc. raised its holdings in shares of Allegro MicroSystems by 13.5% in the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after purchasing an additional 999,939 shares during the period. Finally, Clearbridge Investments LLC lifted its stake in Allegro MicroSystems by 6.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after purchasing an additional 235,335 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ALGM shares. 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 target on the stock. Morgan Stanley began coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective on the stock. Needham & Company LLC cut their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Mizuho set a $26.00 price target on Allegro MicroSystems in a report on Friday, October 18th. Finally, Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday. They set a “buy” rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $30.80.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $19.07 on Friday. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The stock has a market cap of $3.51 billion, a PE ratio of -136.21 and a beta of 1.69. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The business’s 50-day moving average price is $21.66 and its two-hundred day moving average price is $25.44.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The firm’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 EPS.

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.