Sumitomo Mitsui Trust Holdings Inc. Boosts Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Sumitomo Mitsui Trust Holdings Inc. increased its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 4.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 37,812 shares of the company’s stock after buying an additional 1,783 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Allegro MicroSystems were worth $1,145,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALGM. SG Americas Securities LLC lifted its position in Allegro MicroSystems by 588.2% in the 3rd quarter. SG Americas Securities LLC now owns 63,813 shares of the company’s stock valued at $2,038,000 after acquiring an additional 54,540 shares in the last quarter. State of Alaska Department of Revenue lifted its position in Allegro MicroSystems by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 110,565 shares of the company’s stock valued at $3,531,000 after acquiring an additional 435 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in Allegro MicroSystems by 20.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 18,640 shares of the company’s stock valued at $595,000 after acquiring an additional 3,225 shares in the last quarter. Xponance Inc. lifted its position in Allegro MicroSystems by 11.3% in the 3rd quarter. Xponance Inc. now owns 16,383 shares of the company’s stock valued at $523,000 after acquiring an additional 1,664 shares in the last quarter. Finally, Robbins Farley bought a new position in Allegro MicroSystems in the 3rd quarter valued at approximately $2,144,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 1.3 %

NASDAQ:ALGM opened at $29.13 on Friday. 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 market capitalization of $5.63 billion, a price-to-earnings ratio of 25.55 and a beta of 1.82. Allegro MicroSystems, Inc. has a one year low of $24.66 and a one year high of $53.05. The business has a fifty day moving average price of $28.51 and a 200-day moving average price of $28.42.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, February 1st. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.24 by $0.03. The firm had revenue of $254.98 million during the quarter, compared to analyst estimates of $255.00 million. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. Sell-side analysts forecast that Allegro MicroSystems, Inc. will post 1.13 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. TD Cowen upped their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Needham & Company LLC lowered their price target on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Evercore ISI initiated coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price target on the stock. Finally, Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a report on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.50.

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.