Envestnet Asset Management Inc. Has $1.11 Million Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Envestnet Asset Management Inc. boosted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Rating) by 22.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 53,816 shares of the company’s stock after acquiring an additional 9,923 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Allegro MicroSystems were worth $1,113,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Teacher Retirement System of Texas grew its position in Allegro MicroSystems by 6.5% in the 1st quarter. Teacher Retirement System of Texas now owns 11,745 shares of the company’s stock valued at $334,000 after purchasing an additional 714 shares during the period. PNC Financial Services Group Inc. lifted its stake in Allegro MicroSystems by 201.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock valued at $33,000 after acquiring an additional 774 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Allegro MicroSystems by 12.1% during the 1st quarter. Hsbc Holdings PLC now owns 8,758 shares of the company’s stock valued at $250,000 after acquiring an additional 947 shares in the last quarter. Amalgamated Bank lifted its stake in Allegro MicroSystems by 12.1% during the 1st quarter. Amalgamated Bank now owns 9,502 shares of the company’s stock valued at $270,000 after acquiring an additional 1,022 shares in the last quarter. Finally, Assetmark Inc. lifted its stake in Allegro MicroSystems by 145.3% during the 2nd quarter. Assetmark Inc. now owns 1,874 shares of the company’s stock valued at $39,000 after acquiring an additional 1,110 shares in the last quarter. Institutional investors and hedge funds own 46.10% of the company’s stock.

Allegro MicroSystems Trading Up 4.2 %

NASDAQ ALGM opened at $31.56 on Thursday. Allegro MicroSystems, Inc. has a one year low of $19.20 and a one year high of $38.28. The business’s fifty day moving average is $24.04 and its 200-day moving average is $23.52. The stock has a market capitalization of $6.04 billion, a price-to-earnings ratio of 49.67 and a beta of 1.65. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.84 and a quick ratio of 3.96.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last announced its quarterly earnings data on Thursday, October 27th. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. Allegro MicroSystems had a return on equity of 16.87% and a net margin of 14.87%. The business had revenue of $237.70 million for the quarter, compared to analysts’ expectations of $225.03 million. During the same period in the previous year, the business posted $0.17 EPS. The firm’s quarterly revenue was up 22.8% compared to the same quarter last year. Equities research analysts predict that Allegro MicroSystems, Inc. will post 0.9 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. TheStreet upgraded Allegro MicroSystems from a “c” rating to a “b-” rating in a research note on Wednesday, November 16th. Needham & Company LLC raised their price objective on Allegro MicroSystems from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, October 27th. Finally, Mizuho dropped their price objective on Allegro MicroSystems from $42.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, October 28th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $30.80.

Insider Activity at Allegro MicroSystems

In related news, SVP Michael Doogue sold 9,059 shares of the business’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $28.76, for a total value of $260,536.84. Following the sale, the senior vice president now directly owns 182,995 shares in the company, valued at approximately $5,262,936.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Allegro MicroSystems news, Director Joseph R. Martin sold 16,349 shares of Allegro MicroSystems stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $25.92, for a total transaction of $423,766.08. Following the completion of the transaction, the director now owns 35,536 shares of the company’s stock, valued at approximately $921,093.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael Doogue sold 9,059 shares of Allegro MicroSystems stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $28.76, for a total value of $260,536.84. Following the transaction, the senior vice president now directly owns 182,995 shares of the company’s stock, valued at approximately $5,262,936.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,073 shares of company stock worth $1,452,522. Company insiders own 13.60% of the company’s stock.

About Allegro MicroSystems

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Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.

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Institutional Ownership by Quarter for Allegro MicroSystems (NASDAQ:ALGM)

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