Harel Insurance Investments & Financial Services Ltd. Reduces Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Harel Insurance Investments & Financial Services Ltd. lessened its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 47.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 47,430 shares of the company’s stock after selling 42,072 shares during the period. Harel Insurance Investments & Financial Services Ltd.’s holdings in Allegro MicroSystems were worth $1,463,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. State of Wyoming purchased a new stake in shares of Allegro MicroSystems in the 2nd quarter valued at $28,000. Harbour Investments Inc. purchased a new stake in shares of Allegro MicroSystems in the 1st quarter valued at $33,000. Castleview Partners LLC purchased a new stake in shares of Allegro MicroSystems in the 2nd quarter valued at $44,000. First Capital Advisors Group LLC. purchased a new stake in shares of Allegro MicroSystems in the 2nd quarter valued at $45,000. Finally, Altshuler Shaham Ltd purchased a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $32,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Performance

ALGM opened at $26.84 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. The firm has a fifty day moving average price of $29.15 and a 200 day moving average price of $28.64. Allegro MicroSystems, Inc. has a 1 year low of $24.66 and a 1 year high of $53.05. The stock has a market cap of $5.18 billion, a P/E ratio of 23.54 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $254.98 million during the quarter, compared to analysts’ expectations of $255.00 million. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. Equities research analysts anticipate that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on ALGM. TD Cowen upped their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Needham & Company LLC decreased their target price on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Finally, Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average target price of $45.71.

Allegro MicroSystems Company Profile

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.