Quest Partners LLC Acquires Shares of 14,149 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Quest Partners LLC bought a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 14,149 shares of the company’s stock, valued at approximately $400,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Allegro MicroSystems by 13.5% during the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after purchasing an additional 999,939 shares in the last quarter. Clearbridge Investments LLC boosted its position in shares of Allegro MicroSystems by 6.7% in the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after acquiring an additional 235,335 shares during the period. Principal Financial Group Inc. grew its stake in Allegro MicroSystems by 0.5% during the second quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company’s stock valued at $61,869,000 after acquiring an additional 11,230 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Allegro MicroSystems by 15.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,175,421 shares of the company’s stock worth $35,580,000 after acquiring an additional 155,284 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in Allegro MicroSystems by 1.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,077,600 shares of the company’s stock worth $32,619,000 after purchasing an additional 17,969 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on ALGM shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a report on Friday, August 2nd. UBS Group started coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target on the stock. Finally, TD Cowen boosted their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus target price of $34.44.

Insider Activity

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the transaction, the insider now directly owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $22.44 on Friday. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of 28.77 and a beta of 1.68. Allegro MicroSystems, Inc. has a 1-year low of $20.42 and a 1-year high of $34.46. The business has a 50 day moving average of $25.19 and a 200 day moving average of $27.49. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. The company had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm’s quarterly revenue was down 40.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.34 EPS. On average, sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current fiscal year.

Allegro MicroSystems 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.