Handelsbanken Fonder AB Lowers Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Handelsbanken Fonder AB decreased its position in Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Rating) by 22.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,600 shares of the company’s stock after selling 3,100 shares during the period. Handelsbanken Fonder AB’s holdings in Allegro MicroSystems were worth $232,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP acquired a new stake in shares of Allegro MicroSystems in the first quarter valued at about $39,429,000. Clearbridge Investments LLC lifted its stake in shares of Allegro MicroSystems by 18.6% in the first quarter. Clearbridge Investments LLC now owns 4,029,946 shares of the company’s stock valued at $114,450,000 after purchasing an additional 632,036 shares during the period. Millennium Management LLC lifted its stake in shares of Allegro MicroSystems by 4,113.2% in the second quarter. Millennium Management LLC now owns 578,307 shares of the company’s stock valued at $11,965,000 after purchasing an additional 564,581 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Allegro MicroSystems by 24.8% in the second quarter. Principal Financial Group Inc. now owns 2,438,681 shares of the company’s stock valued at $50,456,000 after purchasing an additional 484,197 shares during the period. Finally, Sei Investments Co. lifted its stake in shares of Allegro MicroSystems by 253.9% in the second quarter. Sei Investments Co. now owns 471,648 shares of the company’s stock valued at $9,756,000 after purchasing an additional 338,383 shares during the period. Hedge funds and other institutional investors own 46.89% of the company’s stock.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $33.54 on Friday. The firm has a 50 day simple moving average of $30.21 and a 200-day simple moving average of $25.48. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.84 and a quick ratio of 3.96. The firm has a market cap of $6.42 billion, a PE ratio of 54.98 and a beta of 1.68. Allegro MicroSystems, Inc. has a 1-year low of $19.20 and a 1-year high of $34.14.

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

Insider Activity at Allegro MicroSystems

In related news, SVP Joanne Valente sold 1,377 shares of the business’s stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $30.00, for a total value of $41,310.00. Following the completion of the sale, the senior vice president now directly owns 95,776 shares in the company, valued at $2,873,280. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, SVP Joanne Valente sold 1,377 shares of the business’s stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $30.00, for a total value of $41,310.00. Following the completion of the sale, the senior vice president now directly owns 95,776 shares in the company, valued at $2,873,280. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Michael Doogue sold 9,059 shares of the business’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $28.76, for a total transaction of $260,536.84. Following the completion of the sale, the senior vice president now owns 182,995 shares of the company’s stock, valued at $5,262,936.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,573 shares of company stock worth $1,527,600. 13.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ALGM. Needham & Company LLC raised their price objective on shares of Allegro MicroSystems from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, October 27th. Mizuho cut their target price on shares of Allegro MicroSystems from $42.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, October 28th. Wells Fargo & Company lifted their target price on shares of Allegro MicroSystems from $30.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, TheStreet upgraded shares of Allegro MicroSystems from a “c” rating to a “b-” rating in a research report on Wednesday, November 16th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $31.80.

Allegro MicroSystems Profile

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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.

See Also

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

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