Assetmark Inc. Raises Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Assetmark Inc. boosted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) by 27.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,381 shares of the company’s stock after acquiring an additional 507 shares during the quarter. Assetmark Inc.’s holdings in Allegro MicroSystems were worth $52,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP acquired a new stake in Allegro MicroSystems in the first quarter valued at approximately $39,429,000. Clearbridge Investments LLC boosted its stake in 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 acquiring an additional 632,036 shares in the last quarter. Millennium Management LLC boosted its stake in 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 acquiring an additional 564,581 shares in the last quarter. Principal Financial Group Inc. boosted its stake in 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 acquiring an additional 484,197 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in 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 acquiring an additional 338,383 shares in the last quarter. 46.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, January 9th. Mizuho lowered their price objective on shares of Allegro MicroSystems from $42.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, October 28th. TheStreet upgraded shares of Allegro MicroSystems from a “c” rating to a “b-” rating in a research note on Wednesday, November 16th. Cowen lifted their price objective on shares of Allegro MicroSystems from $30.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Needham & Company LLC lifted their price objective on shares of Allegro MicroSystems from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, October 27th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $32.83.

Allegro MicroSystems Trading Up 3.2 %

NASDAQ ALGM opened at $32.45 on Monday. The company has a market capitalization of $6.21 billion, a PE ratio of 53.20 and a beta of 1.68. The company has a fifty day moving average of $30.96 and a 200 day moving average of $26.04. Allegro MicroSystems, Inc. has a 1 year low of $19.20 and a 1 year high of $34.56. 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:ALGM – Get Rating) last posted its earnings results 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 net margin of 14.87% and a return on equity of 16.87%. The company had revenue of $237.70 million during the quarter, compared to the consensus estimate of $225.03 million. During the same period in the previous year, the firm posted $0.17 earnings per share. The firm’s quarterly revenue was up 22.8% on a year-over-year basis. Research analysts forecast that Allegro MicroSystems, Inc. will post 0.9 earnings per share for the current year.

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue sold 26,665 shares of Allegro MicroSystems stock in a transaction on Friday, November 11th. The shares were sold at an average price of $28.81, for a total value of $768,218.65. Following the completion of the transaction, the senior vice president now owns 192,054 shares of the company’s stock, valued at $5,533,075.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Joanne Valente sold 1,123 shares of the business’s stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $30.07, for a total transaction of $33,768.61. Following the completion of the sale, the senior vice president now owns 97,153 shares of the company’s stock, valued at $2,921,390.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Doogue sold 26,665 shares of the business’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $28.81, for a total transaction of $768,218.65. Following the sale, the senior vice president now directly owns 192,054 shares of the company’s stock, valued at approximately $5,533,075.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,573 shares of company stock valued at $2,863,750. Corporate insiders own 13.60% of the company’s stock.

Allegro MicroSystems Company 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.