Handelsinvest Investeringsforvaltning Sells 1,698 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Handelsinvest Investeringsforvaltning cut its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 34.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,271 shares of the company’s stock after selling 1,698 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Allegro MicroSystems were worth $88,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. GAMMA Investing LLC bought a new stake in shares of Allegro MicroSystems in the 4th quarter valued at about $28,000. Tucker Asset Management LLC grew its holdings in Allegro MicroSystems by 46.2% during the third quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock valued at $48,000 after purchasing an additional 474 shares during the period. Pineridge Advisors LLC bought a new stake in Allegro MicroSystems in the fourth quarter valued at approximately $49,000. Quadrant Capital Group LLC raised its holdings in Allegro MicroSystems by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after purchasing an additional 425 shares during the period. Finally, Psagot Value Holdings Ltd. Israel boosted its position in shares of Allegro MicroSystems by 28.5% during the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company’s stock worth $70,000 after purchasing an additional 502 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $30.62 on Friday. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of 39.26 and a beta of 1.67. Allegro MicroSystems, Inc. has a 12 month low of $23.64 and a 12 month high of $53.05. The firm has a fifty day simple moving average of $29.20 and a 200 day simple moving average of $28.86. The company has a current ratio of 4.85, a quick ratio of 3.48 and a debt-to-equity ratio of 0.22.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The company had revenue of $240.58 million during the quarter, compared to the consensus estimate of $235.00 million. Allegro MicroSystems had a net margin of 14.55% and a return on equity of 20.67%. Research analysts forecast that Allegro MicroSystems, Inc. will post 0.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ALGM has been the topic of several research analyst reports. Needham & Company LLC dropped their price objective on Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Jefferies Financial Group started coverage on Allegro MicroSystems in a research report on Monday, May 13th. They issued a “buy” rating and a $37.00 price objective for the company. Evercore ISI began coverage on shares of Allegro MicroSystems in a report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 target price on the stock. Barclays reduced their price target on shares of Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Finally, TD Cowen raised their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus target price of $37.44.

Insider Buying and Selling at Allegro MicroSystems

In other news, Director Richard R. Lury sold 8,500 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $30.00, for a total transaction of $255,000.00. Following the sale, the director now owns 23,001 shares in the company, valued at approximately $690,030. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.50% of the company’s stock.

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.