Artisan Partners Limited Partnership lowered its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM – Free Report) by 2.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,712,369 shares of the company’s stock after selling 36,730 shares during the period. Artisan Partners Limited Partnership owned approximately 0.89% of Allegro MicroSystems worth $77,296,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of ALGM. FMR LLC lifted its holdings in shares of Allegro MicroSystems by 43.3% in the first quarter. FMR LLC now owns 8,058,071 shares of the company’s stock valued at $386,707,000 after purchasing an additional 2,436,308 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Allegro MicroSystems in the first quarter worth $39,429,000. Millennium Management LLC increased its stake in shares of Allegro MicroSystems by 1,087.0% in the fourth quarter. Millennium Management LLC now owns 1,211,738 shares of the company’s stock worth $36,376,000 after acquiring an additional 1,109,652 shares during the last quarter. Norges Bank acquired a new position in shares of Allegro MicroSystems in the fourth quarter worth $19,174,000. Finally, Clearbridge Investments LLC increased 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 worth $114,450,000 after acquiring an additional 632,036 shares during the last quarter. Hedge funds and other institutional investors own 50.63% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of Allegro MicroSystems from $52.00 to $60.00 in a research note on Wednesday, July 26th. Bank of America lowered their target price on shares of Allegro MicroSystems from $36.00 to $34.00 in a research report on Tuesday, October 10th. Finally, Needham & Company LLC lowered their target price on shares of Allegro MicroSystems from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday, November 3rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.86.
Allegro MicroSystems Stock Down 1.2 %
ALGM stock opened at $28.04 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.33 and a quick ratio of 4.04. Allegro MicroSystems, Inc. has a 52-week low of $24.66 and a 52-week high of $53.05. The company has a 50-day moving average of $29.67 and a two-hundred day moving average of $37.32. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 21.57, a price-to-earnings-growth ratio of 2.49 and a beta of 1.90.
Insider Activity at Allegro MicroSystems
In related news, CFO Derek D’antilio bought 1,488 shares of Allegro MicroSystems stock in a transaction that occurred on Friday, September 15th. The stock was acquired at an average price of $33.63 per share, for a total transaction of $50,041.44. Following the completion of the purchase, the chief financial officer now owns 142,899 shares in the company, valued at $4,805,693.37. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Joseph R. Martin sold 17,000 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $38.73, for a total value of $658,410.00. Following the completion of the sale, the director now owns 22,374 shares in the company, valued at $866,545.02. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Derek D’antilio bought 1,488 shares of Allegro MicroSystems stock in a transaction that occurred on Friday, September 15th. The stock was bought at an average price of $33.63 per share, with a total value of $50,041.44. Following the purchase, the chief financial officer now owns 142,899 shares of the company’s stock, valued at approximately $4,805,693.37. The disclosure for this purchase can be found here. 9.70% of the stock is owned by corporate insiders.
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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.
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